Guidance Note for Code Subscribers on approach & expectations regarding significant breaches

Guidance Note No. 2 Significant breach obligations – General Insurance Code of Practice sets out the Code Governance Committee’s expectations of subscribers to ensure that they:

  • can appropriately identify a significant breach
  • report significant breaches to the CGC in an efficient and timely manner
  • understand the expected timeframe for correcting a significant breach, and
  • understand the circumstances in which the CGC will close a significant breach matter.