20.4. Claims handling
20.4.1. Claims handling—general requirements
Where an Insurance Manager handles claims it must:
(a) handle claims promptly and fairly;
(b) provide its Client with reasonable guidance on making a claim, and update it on the progress of its claim;
(c) not unreasonably reject a claim (including by terminating or avoiding a policy); and
(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:
(a) details of the claim;
(b) the date the claim was settled or rejected;
(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.