The Australian Securities and Investments Commission (ASIC) will release its legal framework for the life insurance industry next month, before it takes effect on July 1.

The regulator will include the same commission and clawback proposals featured in the Life Insurance Framework legislation that is currently before the Senate.

But in a submission to the Senate Economics Legislation Committee on the bill, ASIC admits its timetable depends on the legislation being passed.

The bill will allow ASIC to make a legislative instrument setting rates of commission and clawback of payments for policies that are surrendered within two years.

It issued a consultation paper on the proposal last December and received 15 submissions.

ASIC’s submission says it is still talking to the life insurance industry, Treasury and the Australian Prudential Regulation Authority about data collection.

Insurers will be required to provide data to ASIC on policy replacements from July 1.