ASIC is seeking feedback on the Insurance Council of Australia’s (ICA) proposed new General Insurance Code of Practice (Code) as it considers whether to approve the Code.
ASIC has the power to approve codes of conduct under section 1101A(1) of the Corporations Act 2001. The ICA submitted the proposed new Code to ASIC for consideration on 22 October 2026. It is the first time the ICA has sought ASIC approval of the Code.
The proposed Code has been drafted following a review by an independent panel as well as recommendations about the current Code made by the House of Representatives Standing Committee on Economics' Inquiry into Insurers' Responses to the 2022 Floods.
The ICA says the proposed Code would make Code obligations contractually enforceable through insurers' contracts with consumers. The proposed Code also includes changes relating to claims handling, support for customers experiencing vulnerability, family violence protections and standards for expert reports.
ASIC Commissioner Alan Kirkland said stakeholder views would be important to ASIC’s assessment of the proposed Code.
'We welcome feedback from consumers, consumer representatives, industry and other interested stakeholders.'
'This will inform our assessment against the criteria ASIC applies when considering whether to approve an industry code,' Mr Kirkland said.
The legislative and other approval criteria that ASIC will consider are set out in Regulatory Guide 183 Codes of conduct for the financial services and credit sectors (RG 183).
These include whether Code obligations are capable of being enforced against subscribers, whether there are effective arrangements for monitoring compliance and whether the Code sets standards that exceed or clarify existing legal requirements.
As noted in RG 183, the ICA may, following further engagement with ASIC, make changes to the Code before submitting a final version for formal consideration.
The Code is owned and developed by the ICA. Approval does not give ASIC responsibility for enforcing or monitoring compliance with the Code.
Providing feedback
For a copy of the ICA's proposed new General Insurance Code of Practice and other Code-related documents, visit ASIC CS 70 Insurance Council of Australia’s proposed General Insurance Code of Practice.
Feedback on the Code should be sent to gicop.consultation@asic.gov.au by 5:00pm AEDT on 23 December 2026.
ASIC will also undertake targeted consultation with key stakeholders.
Background
The General Insurance Code of Practice was first introduced in 1994 and has been reviewed and updated several times since, including most recently in 2023.
The ICA undertook public consultation on an earlier draft of the proposed new Code between June and July 2026, receiving 28 non-confidential submissions. It published the proposed new Code and its response to stakeholder feedback on 22 October 2026.
Related links
- CS 70 Insurance Council of Australia’s proposed General Insurance Code of Practice
- Regulatory Guide 183 Codes of conduct for the financial services and credit sectors (RG 183).
ASIC is Australia’s corporate, markets and financial services regulator.