New General Insurance Code of Practice lodged with ASIC: what it means for expert reports

What happened

On 22 October 2026 the Insurance Council of Australia (ICA) submitted its redrafted Code to ASIC for approval. Public consultation ran from 24 June to 21 July 2026, and the ICA published 28 submissions.

ASIC will now assess the Code. If it is approved, a transition period is expected before it applies to new and renewed policies. The ICA has not yet said how long that will be. Until then, the current Code continues to apply.

The main changes

• Enforceable by contract. Code obligations would form part of consumer insurance contracts. Customers could enforce them through the courts, a complaint to AFCA, or an independent Code committee.
• Automatic acceptance. A home or motor property claim with no decision within 12 months would be automatically accepted, up to the policy’s cover and limits, unless delay factors apply. A senior review would be required at least three months before that date.
• Customer support. A new Extra Care framework for customers experiencing vulnerability, broader family violence protections, and stronger rules on cash settlements.

What it means for expert reports

Paragraphs 70 to 75 of the proposed Code deal with external experts. Insurers would have to:

• tell the customer within 5 business days when an external expert is appointed, who they are and what their role is
• use experts with appropriate expertise
• obtain the report within 60 business days of appointment, and tell the customer if it is delayed
• comply with the ICA’s Use of Expert Reports industry standard, instruct experts to comply with it, and monitor that they do
• consider any expert report the customer provides.

Insurers would also have to give customers a copy of any external expert report they relied on when a claim is declined or not covered in full.

For consultants, that means firmer deadlines, closer monitoring and reports that more customers will read. A report needs to be clear, neutral and well reasoned.

Some consumer groups say the Code should go further on expert independence. The ICA has said its standard already requires experts to report objectively on the evidence.

Meridian’s approach

Meridian’s reports are already aligned with the ICA expert reports standard. Our standard service levels are well inside 60 business days. We will update this article when ASIC makes its decision.