Finalising the details of Hayne royal commission recommendations will be crucial next steps in responding to the inquiry, Insurance Council of Australia (ICA) Chairman Richard Enthoven says.

Commissioner Kenneth Hayne has left much of the specifics and technical decision-making around his proposals to other groups, including Treasury and the Australian Securities and Investments Commission (ASIC).

“If our objective is to have an industry which has better customer outcomes, then that process of defining the detail is critical,” Mr Enthoven told insuranceNEWS.com.au.

“We are as an industry really keen to engage with the stakeholders to ensure that we absolutely minimise adverse outcomes to customers going forward without doing anything that undermines the affordability and availability of insurance.”

The royal commission outcomes will be the focus of the ICA Annual Forum next Wednesday at the Hilton Sydney.

Speakers include Assistant Treasurer Stuart Robert, ASIC Commissioner Sean Hughes, Australian Prudential Regulation Authority Deputy Chairman John Lonsdale and ICA CEO Rob Whelan.

Plenary session panel discussions will examine the findings and look at what the royal commission means for the general insurance code of practice and self-regulation.

The next version of the code has been in the process of being developed as the royal commission has run its course.

Commissioner Hayne has recommended industry codes include some provisions enforceable by law and says ICA should take the necessary steps by June 30 2021. He also recommends greater sanctions power.

“To some extent we are trying to pitch a tent in a hurricane. There are a lot of moving pieces,” Mr Enthoven said. “But the industry has committed to updating the code and making it a document that the industry can be proud of and we are working hard on exactly that.”

The royal commission recommendations come amid ongoing proposed legislative and regulatory changes, including product design and distribution obligations and disclosure requirements. The industry is also looking at how best to extend unfair contract term protections.

Mr Enthoven, who is also Hollard CEO, says that to some extent the various measures underway are interdependent and the completion of the royal commission was welcome.

The forum next week is the first industry event since the release of the report and shapes as an important day as the issues are examined and discussed, he said.

“The royal commission did not find any systemic problems with the general insurance industry and we can get on now with rebuilding community trust and servicing our customers,” he said.

Registration for the event closes tomorrow. Details are available here.