The corporate regulator has invited feedback on the proposed redraft of the General Insurance Code of Practice, which the industry last month submitted for approval.

Submissions are due by December 23, and the Australian Securities and Investments Commission will also undertake targeted consultations with key stakeholders. 

“We welcome feedback from consumers, consumer representatives, industry and other interested stakeholders,” commissioner Alan Kirkland said today.

“This will inform our assessment against the criteria ASIC applies when considering whether to approve an industry code.”

The Insurance Council of Australia lodged the proposed document with ASIC on October 22, marking the first time it has sought regulatory approval for the code.

The redraft follows an independent panel review and consideration of recommendations from the parliamentary inquiry into the 2022 flooding. 

The document would for the first time be contractually enforceable and includes changes on claims handling, support for vulnerable customers, family violence protections and standards for expert reports. 

ASIC – which has not released a separate consultation paper – says interested parties are invited to review the proposed code and key related documents such as the redrafted code governance committee charter. 

ICA, after further engagement with ASIC, may make more changes before submitting a finalised code. 

"The Insurance Council looks forward to working constructively with ASIC and stakeholders through the next stage of the consultation and review process," ICA said today.

Find details on providing feedback here.