Insurers could be swept up in a parliamentary committee review process that currently focuses on the big four Australian banks.

Treasurer Josh Frydenberg will next week instruct the House of Representatives Standing Committee on Economics to broaden the review's scope so that it also questions the CEOs of insurers and superannuation funds, the Australian Financial Review reports today.

Industry groups such as the Australian Banking Association and the Insurance Council of Australia (ICA) could also be requested to appear under a broader remit.

The decision over which companies and groups would be called in any year would likely be up to the committee to decide.

Executives appearing will be required to report on progress implementing recommendations from the Hayne royal commission, according to the AFR.

Prime Minister Scott Morrison, in his former role as Treasurer, asked the economics committee in 2016 to hold public hearings “at least annually” with the four major banks.

Mr Morrison said then that it was important the community had confidence in its financial institutions and it was “therefore critical that the major banks are regularly held accountable to all Australians through their parliamentary representatives”.

The financial sector focus on misconduct has since widened with the Hayne royal commission, with a number of consultations on reforms affecting insurance either underway or on the agenda for the next few years.

“The ICA is ready to contribute to Parliament’s Standing Committee on Economics if required,” spokesman Campbell Fuller told insuranceNEWS.com.au today.

“ICA and its members reiterate their support for the aims of the royal commission recommendations that relate directly to general insurance, and are committed to working with the Morrison Government on implementing properly debated reforms that will flow from this process.”