The Motor Vehicle Insurance and Repair Industry Code of Conduct Administration Committee extended the public consultation period by eight weeks to 23 June 2025.
The regulator alleges insurer failed to act in utmost good faith by repeatedly delaying assessment and settlement of a claim filed after storm damage in 2021.
New financial technology plan calls on industry to set up private fund firms, a move which could bring benefits to domestic markets while enhancing insurer's solvency ratios.
