Financial Services Guide
General Insurance Code of Practice
The Insurance Council of Australia Limited has developed the General Insurance Code of Practice ("the Code"), which is a voluntary self-regulatory code. The Code aims to raise the standards of practice and service in the insurance industry.
Lloyd's has adopted the Code on terms agreed with the Insurance Council of Australia. For further information on the Code please visit www.codeofpractice.com.au.
The Code Governance Committee (CGC) is an independent body that monitors and enforces insurers' compliance with the Code. For more information on the Code Governance Committee (CGC) go to www.insurancecode.org.au.
In this statement "we", "us" and "our" means Lloyd's and ATC Insurance Solutions Pty Ltd ("ATC") as its agent.
We are bound by the requirements of the Privacy Act 1988 (Cth), the Privacy Amendment (Private Sector) Act 2000 (Cth) and the Privacy Amendment (Enhancing Privacy Protection) Act 2012. This sets out standards on the collection, use, disclosure and handling of personal information.
We, and our agents, need to collect, use and disclose your personal information in order to consider your application for insurance and to provide the cover you have chosen, administer the insurance and assess any claim. You can choose not to provide us with some of the details or all of your personal information, but this may affect our ability to provide the cover, administer the insurance or assess a claim.
We may disclose your personal information to third parties (and/or collect additional personal information about you from them) who assist us in providing the above services and some of these are likely to be overseas recipients in the United Kingdom.
These parties which include our related entities, distributors, agents, insurers, claims investigators, assessors, lawyers, medical practitioners and health workers, and federal or state regulatory authorities, including Medicare Australia and Centrelink will only use the personal information for the purposes we provided it to them for (unless otherwise required by law).
Information will be obtained from individuals directly where possible and practicable to do so. Sometimes it may be collected indirectly (e.g. from your representatives or co-insureds). If you provide information for another person you represent to us that:
- you have the authority from them to do so and it is as if they provided it to us;
- you have made them aware that you will or may provide their personal information to us, the types of third parties we may provide it to, the relevant purposes we and the third parties we disclose it to will use it for, and how they can access it. If it is sensitive information we rely on you to have obtained their consent on these matters. If you have not done or will not do either of these things, you must tell us before you provide the relevant information.
You are entitled to access your information and request correction if required. You may also opt out of receiving materials sent by us by contacting ATC on (03) 9258 1777 or write to us at the address provided.
Important Information You Should Know
This Financial Services Guide ("FSG") is an important document and has been prepared to help you decide whether to use the services we offer and contains information about how we are remunerated.
It also includes information about the insurance products we offer, our internal and external complaints procedures and any potential conflicts of interest we may have.
Who Are We and What Do We Do?
We are ATC Insurance Solutions Pty Ltd (ABN 25 121 360 978, AFS Licence No 305802). We are authorised to deal in and advise on general insurance products, including:
- Injury & Sickness
- Public & Products Liability
- General Property
- Contract Works
- Plant & Machinery
We act on behalf of the insurer when we issue, vary and cancel insurance products.
We may also provide you with a policy wording and a Product Disclosure Statement ("PDS") describing the main features of the policy. Reading it will help you to decide if the policy suits your needs, objectives and financial situation.
Who Do We Act For?
We act under binding authority as an agent of certain underwriters at Lloyd's and other major Australian insurers.
The binding authority allow us to issue the insurance products and, in some cases, to handle claims, on behalf of the insurer and not on your behalf.
Our Sources Of Income
We will receive commission from the insurer when we issue, vary or renew an insurance product for you. The commission we receive is a percentage of the insurance premium you pay exclusive of GST, stamp duty and any other government taxes, fees or charges. You can ask us for further details of the remuneration that we receive. If you are interested in this information, you must ask us for it within a reasonable timeframe after receiving this FSG. You must ask us before we provide any insurance services to you, such as placing your insurance.
In addition to the commission we receive, we may also charge you a fee. The amount of the fee varies depending on your requirements. This fee is payable in addition to the premium.
Our commission and fees are used by us to meet the distribution and other expenses we incur in providing our services to our clients and the cost of performing services for the insurer such as claims handling, marketing and underwriting.
If we arrange premium funding for you through a premium funder we may receive a commission (based on a percentage of the premium) from the premium funder for arranging this.
We have professional indemnity insurance in place which covers us for any errors or mistakes relating to our insurance services. This insurance meets the requirements of the Corporations Act and covers the services provided by us and our employees even after they cease working with us provided we notify the insurer of the claim when it arises and this is done within the relevant policy period.
Complaints and Dispute Handling
If you have any concerns or wish to make a complaint in relation to this policy, our services or your insurance claim, please let us know and we will attempt to resolve your concerns in accordance with our Internal Dispute Resolution procedure. Please contact ATC in the first instance:
ATC's Internal Dispute Resolution Officer
ATC Insurance Solutions
Email: Click here
Telephone: (03) 9258 1777
Post: Level 4, 451 Little Bourke Street, Melbourne VIC 3000
We will acknowledge receipt of your complaint and do our utmost to resolve the complaint to your satisfaction within 10 business days.
If we cannot resolve your complaint to your satisfaction, we will escalate your matter to Lloyd's Australia who will determine whether it will be reviewed by their office or the Lloyd's UK Complaints team. Lloyd's contact details are:
Lloyd's Australia Limited
Email: Click here
Telephone: (02) 8298 0783
Post: Suite 1603, Level 16, 1 Macquarie Place, Sydney NSW 2000
A final decision will be provided to you within 30 calendar days of the date on which you first made the complaint unless certain exceptions apply.
You may refer your complaint to the Australian Financial Complaints Authority (AFCA), if your complaint is not resolved to your satisfaction within 30 calendar days of the date on which you first made the complaint or at any time. AFCA can be contacted as follows:
Your complaint must be referred to AFCA within 2 years of the final decision, unless AFCA considers special circumstances apply. If your complaint is not eligible for consideration by AFCA, you may be referred to the Financial Ombudsman Service (UK) or you can seek independent legal advice. You can also access any other external dispute resolution or other options that may be available to you.