Insurance regulatory reforms proposed by the Financial Services Royal Commission are well under way with the passage of the Financial Sector Reform (Hayne Royal Commission Response) Act 2020. 

With royal assent given on 17 December 2020, this guide will assist insurers, underwriting agencies, brokers and service providers to navigate the changes.

1 January 2021

ENFORCEABLE CODE PROVISIONS MECHANISM

Subdivision A of Division 2 Part 7.12 of the Corporations Act 2001 provides ASIC with the ability to identify enforceable code provisions when approving an industry code of conduct. 

Industry codes are currently self-regulated and a breach of a Code provision does not presently result in a breach of the law. 

We expect ASIC to engage with industry and use this power in relation to the 2020 General Insurance Code of Practice and Life Insurance Code of Practice.

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