The Insurance Council of Australia has sent its revised code of practice to the corporate regulator for approval, following consultations on the draft document.

The code has been submitted to the Australian Securities and Investments Commission for the first time, in a move ICA says will give consumers “further certainty and assurance” the document is “robust, credible and can be relied upon”.

CEO Andrew Hall says the revised code sets a higher benchmark for the service and support people should expect, including legal enforceability of key provisions.

“This new code is about making sure that promise is reflected in how customers are treated, particularly when they are facing difficult or complex circumstances. Insurers are committed to ensuring their customers see the benefits of these stronger standards in practice,” he said.

“Our focus now is on working constructively with ASIC through the regulatory process so that the code is approved and these stronger protections can begin delivering for consumers.”

In August, ICA released 28 submissions on the draft version – with two remaining confidential. 

The code is expected to take effect following a transition period, once ASIC approval is received. 

See the revised code here.

The ICA has also released a paper outlining how consultation was considered.