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ARTICLE · 17 DECEMBER 2024

ASIC Puts Insurers On Notice

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ASIC has recently published its findings following an investigation into the insurance industry's level of compliance with internal dispute resolution (IDR) obligations.

United StatesInsurance
Claudine Salameh
Claudine Salameh
Tamsyn Sharpe
Tamsyn Sharpe

ASIC has recently published its findings following an investigation into the insurance industry's level of compliance with internal dispute resolution (IDR) obligations. Report 802 Cause for complaint: Complaints handling in general insurance revealed that general insurers are consistently falling short of their legal obligations thereby limiting customers' ability to access fair, timely and effective IDR processes.

IDR Obligations

ASIC Regulatory Guide 271 (RG 271) imposes enforceable IDR obligations on insurance providers. Complaints handling mechanisms must provide for the proactive identification of customer complaints and accurate recording of all complaints received. Complaint responses must include prescribed information such as information regarding the customer's right to escalate the matter to the Australian Financial Complaints Authority (AFCA) and AFCA's contact details and comprehensive reasons where a complaint has been rejected. For most

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