0.25 CIP Points
Updated General Insurance Code and CPS 230: The new test for insurers
By Anna Lopata - ANZIIF Senior writer For years, regulation focused on what insurers should do. In 2026, attention is increasingly turning to whether insurers can consistently deliver those commitments when customers need them most. A regulatory shift in focus...
29 Jun 2026
2 mins read
Summary
• The draft General Insurance Code would make many insurer commitments contractually enforceable for the first time.
• New Code proposals strengthen obligations relating to vulnerability, family violence and claims handling.
• CPS 230 requires insurers to strengthen operational resilience, business continuity and oversight of service providers.
• Together, the reforms point to a growing focus on whether insurers can deliver customer commitments in practice.
• Insurers may increasingly need to align customer, claims, risk and operational functions rather than manage them separately.
By Anna Lopata – ANZIIF Senior writer
For years, regulation focused on what insurers should do. In 2026, attention is increasingly turning to whether insurers can consistently deliver those commitments when customers need them most.
A regulatory shift in focus
Australian insurance regulation has spent much of the past decade focused on conduct, disclosure and customer outcomes.
The draft General Insurance Code of Practice continues that trajectory. The proposed reforms strengthen expectations around claims handling, vulnerability, family violence and customer care.
At the same time, APRA’s CPS 230 Operational Risk Management standard asks a different but related question: what happens if systems fail, a catastrophe strikes, a cyber incident occurs or a critical service provider is disrupted?
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