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.