Hi All,

These are the recommendations, and more importantly draft recommendations. For strata pay particular attention to Draft Recommendation 9 - removal of conflict on interest.

If you want to comment you need to contact insurance@accc.gov.au and ask for an extension, at least one has been given for 23rd April.

Recommendation 1: Abolish stamp duty on home, contents and strata insurance products

Recommendation 2: Re-base stamp duty, use stamp duty revenue and mitigation

                If recommendation 1 is turned down

Recommendation 3: Insurers to report their brands and where they are writing new business

Recommendation 4: Standardise definitions of prescribed events

Recommendation 6: Review and mandate standard cover

Recommendation 6: Unfair contract term protections should apply to insurance

Recommendation 7: A link to MoneySmart website should be on new quotes and renewal notices

Recommendation 8: Better understand information that falls within “general financial advice”

Recommendation 9: Disclose costs that count towards “sum insured”

Recommendation 10: Disclose the premium, sum insured and excess on a renewal notice

Recommendation 11: Extend the ban on conflicted remuneration to insurance brokers

Recommendation 12: Better information for consumers lodging a claim

Recommendation 13: ASIC approval for the General Insurance Code of Practice

Recommendation 14: Public mitigation works and expected premium reductions

Recommendation 15: Building code changes to better protect interiors and contents

And now for the draft recommendations which are under discussion still:

Draft Recommendation 1: Insurers should estimate a sum insured for customers

Draft Recommendation 2: Prominently publish Product Disclosure Statements and Key Features online with product offerings

Draft Recommendation 3: Disclose premium impacts of optional inclusions or exclusions

Draft Recommendation 4: National home insurance comparison website

Draft Recommendation 5: Renewal notices should give 28 days notice, not 14

Draft Recommendation 6: Disclose where premium increases are capped

Draft Recommendation 7: Consider likely insurance costs before purchasing real estate

Draft Recommendation 8: Requesting personal information held by insurers

Draft Recommendation 9: Strata Managers to be remunerated by body corporate only – YES!!!!

Draft Recommendation 10: Clear disclosure of products considered and remuneration

Draft Recommendation 11: Giving consumers more control over how claims are settled

Draft Recommendation 12: Clearly stated mitigation discounts

Draft Recommendation 13: Information on mitigation works that could reduce premiums

Margaret