ASIC Seeks Feedback on Proposed General Insurance Code

The Australian Securities and Investments Commission (ASIC) is seeking stakeholder feedback on the Insurance Council of Australia’s (ICA) proposed new General Insurance Code of Practice as it considers whether to approve the industry code. Feedback is due by 5:00pm AEDT on 23 December 2026, and ASIC will also consult targeted stakeholder groups. The ICA submitted the proposal to ASIC on 22 October 2026, the first time it has sought the regulator’s approval for the Code. The draft follows an independent panel review and recommendations from a House of Representatives Standing Committee on Economics inquiry into insurers’ responses to the 2022 floods. The ICA says the proposed Code would make its obligations contractually enforceable through insurers’ contracts with consumers. The proposed changes cover claims handling, support for customers experiencing vulnerability, protections relating to family violence and standards for expert reports. ASIC will assess the draft against the criteria in its Regulatory Guide 183, including whether obligations can be enforced against subscribers, compliance monitoring arrangements are effective, and the Code sets standards that exceed or clarify existing legal requirements. The ICA may revise the draft after further engagement with ASIC and before submitting a final version for formal consideration. ASIC Commissioner Alan Kirkland said feedback from consumers, consumer representatives, industry and other interested parties would inform the assessment. The Code is owned and developed by the ICA; ASIC approval would not make the regulator responsible for monitoring or enforcing compliance with it. The ICA consulted publicly on an earlier draft from June to July 2026, receiving 28 non-confidential submissions, and published the proposed Code and its response to feedback on 22 October.