Were there problems in ensuring industry participants complied with the General Insurance code under the previous s113 arrangements?
One instance of alleged non-compliance was raised with ASIC, however s113 was repealed prior to action being taken in that instance. Legislative adoption of a Code of Practice is no longer required. Monitoring of compliance with the Code is administered by IEC Ltd and reference to the IEC’s annual report should be made for issues relating to compliance concerns. 6. Can ASIC pls provide its policy statement on code approval? There is a provision under s1101A of Corporations Act 2001 for financial services industry participants to seek ASIC approval of a Code of Practice, however no such approval has been sought to date. In June 2001 ASIC released PPP No 9 – ‘Approval of Codes’ for comment. The period for public comment on the PPP ended on 5 July 2001. We received few submissions on the PPP. These submissions indicated no fundamental concerns with the proposals in the PPP. Accordingly, the proposals in the PPP stand as our interim policy. A copy of PPP No 9 is attached. The issue of the
