Australia to redraft new insurance code of practice

Public consultation will take place in the first quarter of 2026

The Insurance Council of Australia and insurers will be redrafting the General Insurance Code of Practice to be more consumer-centric, modern, fit-for-purpose, and contractually enforceable.

This comes after stakeholders reported that the current code is difficult to understand and does not reflect contemporary challenges.

It will be developed utilising the feedback and recommendations provided through the work of the Code Review, the Parliamentary Flood Inquiry, and ongoing stakeholder feedback.

Public consultation will take place in the first quarter of 2026 with the Code expected to be lodged with ASIC for approval mid-2026.