ASIC begins the Code’s first approval test, with enforcement still separate

ASIC has opened the first approval process for the Insurance Council of Australia’s proposed new General Insurance Code, and approval would not make ASIC responsible for monitoring or enforcing it. The protections in the proposal remain under consideration while ASIC assesses whether to approve the Code. ASIC’s announcement

What ASIC is being asked to assess

The ICA submitted the proposed Code to ASIC on 22 October 2026. It is the first time the Council has sought ASIC approval of the Code. ASIC has the power to approve codes of conduct under section 1101A(1) of the Corporations Act 2001.

ASIC’s approval criteria, set out in Regulatory Guide 183, include whether Code obligations are capable of being enforced against subscribers, whether effective arrangements exist for monitoring compliance, and whether the Code sets standards that exceed or clarify existing legal requirements.

The protections remain proposals

The proposed Code includes changes relating to claims handling, support for customers experiencing vulnerability, family violence protections and standards for expert reports. The ICA says the proposal would make Code obligations contractually enforceable through insurers’ contracts with consumers.

For an advice practice helping a client with a general insurance claim, the practical distinction is the proposal’s status: describe these changes as proposed, not as provisions of an approved new Code.

ASIC has invited interested parties to review the proposal and send feedback to gicop.consultation@asic.gov.au by 5:00pm AEDT on 23 December 2026. ASIC’s consultation details provide information about the submission process.

The ICA owns and develops the Code; ASIC approval would not make ASIC responsible for monitoring or enforcing compliance.¹