Code of Practice
Parmia is committed to the General Insurance Code of Practice (Code) in provide "best practices service" to our clients and the general community in whole.
What is the General Insurance Code of Practice?
The Code of Practice is the general insurance industry’s promise to be open, fair and honest in the way we deal with all our customers.
Who monitors the industry and the Code?
The Financial Ombudsman Service (FOS) independently and impartially resolves financial services disputes, including general insurance disputes, between participating companies and consumers.
FOS makes sure each company signed up to the Code meets the required standards. If a company does not, it can be required to take action to fix the problem and sanctions may be imposed. Before contacting FOS to register a complaint it is important to make sure you qualify. Important steps include:
• Take your dispute to your insurance provider’s Internal Dispute Resolution (IDR) process and ask for an IDR decision.
• If the dispute remains unresolved, or you are unhappy with the decision, contact FOS on 1300 78 08 08 (toll free) or www.fos.org.au
• It is important you contact FOS within three months of receiving the IDR decision from your insurance provider.
What types of insurance are included?
Most types of general insurance, from house insurance, travel insurance to business insurance are covered under the Code.The only types of general insurance that are not included are reinsurance (insurance for insurers) and insurance that has specific rules under government stature, like Compulsory Third Party Insurance (CTP), workers’ compensation, marine insurance and medical indemnity insurance. Life and Health Insurance are not included as these have different regulations.
How does the Code help Consumers?
When you provide information to an insurer, you can be confident that only relevant information will be used to assess your application. If the company can not provide you with cover, you will be given reasons for the decision and referred to information regarding alternative insurance options. The code requires us to make available to consumers up to date, clear concise information to assist in the understanding of how general insurance works so you, as the consumer, can make an informed decision.
For further information on the Code of Practice, please refer to the website being www.codeofpractice.com.au, or contact our office on 1800 727642
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