Released 11 November 2026. Comments close 23 December 2026.
ASIC is seeking feedback on the Insurance Council of Australia’s (ICA) proposed new General Insurance Code of Practice (Code).
ASIC has the power to approve codes of conduct under section 1101A(1) of the Corporations Act 2001. The ICA submitted the proposed Code to ASIC for consideration on 22 October 2026. It is the first time the ICA has sought ASIC approval of the Code.
Interested parties are invited to review the proposed Code and key Code-related documents, such as the redrafted Code Governance Committee Charter.
Stakeholder feedback will help inform ASIC’s decision on whether to approve the proposed Code.
The Code is owned and developed by the ICA. Approval does not give ASIC responsibility for enforcing or monitoring compliance with the Code.
A consultation paper was not issued for this consultation.
Providing feedback
We invite feedback on the proposed Code.
Please send your submission to gicop.consultation@asic.gov.au by 5:00pm AEDT on 23 December 2026.
ASIC will consider the feedback before determining the next steps in its assessment.
You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous, we will not be able to contact you to discuss your feedback should we need to.
ASIC may decide to publish any submissions received. We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential.
Please see our privacy policy for more information on how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ASIC.
Background
The proposed new 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.
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).
Related links
The related documents for review can be found on the ICA website:
- Redrafted General Insurance Code of Practice 22 October 2026
- Redrafted Industry Guide on Vulnerability 22 October 2026
- Redrafted Use of Expert Reports: Industry Standard 22 October 2026
- Redrafted Code Governance Committee Charter 22 October 2026
See related news published on the ASIC website on 11 November 2026: ASIC seeks feedback on proposed General Insurance Code of Practice.