Australia's ICA appoints new chair of Code Governance Committee

The Insurance Council of Australia (ICA) has appointed Veronique Ingram as the new independent chair of the General Insurance Code Governance Committee (CGC), for a period of three years starting July 2020.

Ingram is a former chief executive and inspector-general in bankruptcy at the Australian Financial Security Authority, having previously served as the Australian Ambassador to the OECD in Paris. She also brings corporate governance and financial service regulatory experience to the role.

CGC is an independent committee that oversees performance of subscribers against the General Insurance Code of Practice. The chair was selected jointly by the Insurance Council and the Australian Financial Complaints Authority after a "competitive recruitment process".

Ingram’s appointment comes as the general insurance industry prepares to transition to the full implementation of the new Code of Practice on July 1, 2021.

The first stage of transition will commence on July 1, 2020 with insurers preparing to implement Code changes in support of customers experiencing family violence, vulnerability and hardship. The new Code resets industry standards in line with community expectations, following an extensive review.

Insurance Council CEO Rob Whelan said: “Veronique’s extensive government, agency and international experience, and history as chair of significant international economic and financial policy committees, will ensure the continuation of the CGC’s strong governance of the Code.”

David Locke, CEO and chief Ombudsman of the Australian Financial Complaints Authority, added: “We are pleased to have secured such a capable financial and governance professional to the role. We look forward to Ms Ingram’s contribution to the CGC.”

Ingram commented: “I am pleased to accept this role during a period of transition to a new Code, and also during unprecedented uncertainty and change for consumers and insurers, and the broader economy. The Code Governance Committee plays an important part in supporting customer relationships with insurers and informing the insurance industry."