Actuarial consultant Finity has urged the industry to include in its code the Hayne royal commission’s list of recommendations that apply to general insurance products.

Doing so would allow insurers to ensure the changes, which the royal commission has crafted for the wider financial services sector, are relevant to the industry and would produce the intended effects.

“The changes out of the Hayne royal commission apply to lots of different parts of the [financial services] industry,” Finity Principal Geoff Atkins told insuranceNEWS.com.au.

“None of them apply only to general insurance and when you think about the range, from banks to investment funds to lenders to brokers to self-managed super funds, there are a lot of details, a lot of specifics.

“One of my themes has been about things being fit for purpose so could you leave the legislative changes very simple?"

The Hayne proposals that apply to the industry include design and distribution, anti-hawking and deferred sales on add-on cover. The Insurance Council of Australia (ICA) has considered design and distribution and add-on covers as part of its review of the code.

The revised code is being drafted after the ICA finished its review last year in consultation with the industry, regulators and consumer organisations.

Mr Atkins has also flagged the idea of an "industry-specific implementation review" led by Treasury.

“That would be simple to do and it would be a good protection against unintended consequences aimed at other places,” Mr Atkins said.