ANZIIF Tier 1 Practice Exam – Prep & Practice Questions

The primary goal of the General Insurance Code of Practice is to set standards for industry members. This code serves as a framework designed to ensure that insurers conduct their business with integrity, honesty, and transparency. By establishing these standards, the code aims to enhance consumer trust and confidence in the general insurance industry. It outlines the commitments that insurance providers must adhere to in their dealings with customers, ensuring that services are delivered to a high quality and that consumers are treated fairly.

The focus on setting standards reflects the code's purpose of guiding industry practices rather than just providing legal guidelines or eliminating financial hardships. While promoting competition among insurers is beneficial, the code's primary aim is centered around establishing and enforcing a baseline of acceptable conduct within the industry, which in turn can lead to a better overall experience for consumers.