Australia General Insurance Code of Practice (2020 Code as updated) gicop-p7-55-57-cancellation-refund-instalments: Refund within fifteen business days on cancellation where a refund is due, and give fourteen days' written notice before cancelling an instalment policy for non-payment, with a second notice before or within fourteen days after cancellation

What does gicop-p7-55-57-cancellation-refund-instalments require?

Where the policy allows cancellation with a refund and the customer cancels, the insurer returns the amount within 15 Business Days (different arrangements apply where the cover was arranged through a broker, and the customer is told to ask the broker). For an Instalment Policy where an instalment has not been received, the insurer sends written notice of the missed instalment at least 14 Calendar Days ahead of any cancellation on that ground and, if the instalment is still not received, a second written notice either before cancellation informing the customer the policy is being cancelled, or within 14 Calendar Days after cancellation confirming it.