The federal government has released the first edition of its Regulatory Initiatives Grid, setting out reforms on the agenda at key agencies that are likely to affect insurers.

The second edition will be published next September after feedback on the first, and the grid will then be updated twice a year.

“The RIG will provide clear visibility of regulatory changes that will materially affect financial service providers over the next two years and help these businesses engage with the government and regulators more effectively,” Treasurer Jim Chalmers said in a joint ministerial statement.

Agencies in the guide include Treasury, the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority and the Australian Competition and Consumer Commission.

The grid notes consultations on insurance standard cover and standard term reforms ended in April, and says options are being considered and the timing of further work will be announced “in due course”.

Consultation on draft legislation for the second tranche of financial advice reforms is due in the first quarter, ASIC will monitor insurance claims handling compliance, and APRA will consult in the second quarter on promoting access to alternative reinsurance.

The grid notes the Financial Accountability Regime’s extension to insurers and superannuation from March 15, the ACCC’s monitoring of cyclone reinsurance pool outcomes, and the start of new climate-related financial disclosures.

ASIC will consult next year on changes to its product disclosure statements regulatory guide, and in the third quarter it will consult on an update to the guide for approval of codes of conduct, with a revised version expected in the first half of 2026. 

The latter update will “consider changes such as reforms following the financial services royal commission to make certain parts of industry codes ‘enforceable code provisions’, and for ASIC to designate those provisions”.

The Insurance Council of Australia, which has supported having a grid, says the cumulative regulatory burden has a significant impact, including adding to the complexity and cost of delivering products to consumers.  

“Ensuring good consumer outcomes and appropriate consumer protection is extremely important, and ICA welcomes opportunities to engage with governments on these regulatory initiatives as appropriate,” a spokesperson said.

“Greater clarity and certainty around regulatory change will allow general insurers and others to better plan to engage and implement changes to their business operations where needed.” 

The grid is available here.

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