Insurance Council hires ex-ASIC chair

By Rebecca Evans

FORMER Australian Securities and Investments Commission (ASIC) chairman David Knott has been recruited by the Insurance Council of Australia (ICA) to assess public submissions on the general insurance industry’s new draft code of practice.

ICA executive director Alan Mason says Knott will focus on independently reviewing all written comments received by the ICA and prepare a report to assist the council in revising the draft code to incorporate consumer and other opinion.

“Mr Knott has the expertise and legislative knowledge to ensure the final code complements government regulation while encouraging competitive customer service within the insurance industry,” Mason says.

Knott says he supports the role that self-regulatory codes play in improving business operations for the benefit of consumers.

“The insurance industry has gone through enormous change during the past few years and I believe a transparent and open public consultation process will assist the industry in delivering an effective new code,” Knott says.

Knott brings more than 30 years experience in both the public and private sector to his new role.

His experience includes postings as chief operating officer at the Australian Prudential Regulation Authority and chief executive officer of Commonwealth Funds Management.

Knott served as ASIC chairman between 2000 and 2003 after joining the regulator as its deputy chairman in 1999.

Knott was formally replaced by Jeffrey Lucy in May, who stepped up from his role as deputy to acting chairman when Knott retired from the chairmanship last December.