20.4.1. Claims handling—general requirements

Where an Insurance Manager handles claims it must:

1. (a) handle claims promptly and fairly;
2. (b) provide its Client with reasonable guidance on making a claim, and update it on the progress of its claim;
3. (c) not unreasonably reject a claim (including by terminating or avoiding a policy); and
4. (d) settle claims promptly once settlement terms are agreed.

20.4.2. Claims handling—recordkeeping

(1) An Insurance Manager must make a record of the following information in relation to each claim made against a policy handled by it:

1. (a) details of the claim;
2. (b) the date the claim was settled or rejected;
3. (c) details of settlement or rejection, including information relevant to the basis for the settlement or rejection.

(2) The Insurance Manager must keep the record for at least 3 years after the day the claim is settled or rejected.