Where is the Australian insurance industry’s new code of practice? While insiders suggest insurers are finding it difficult to agree on some aspects of the revamped document, the Insurance Council (ICA) says it’s still in the drafting stages.

ICA announced last year that it will work with the industry to develop a new, expanded code that would be released in draft form early this year. Executive Director Alan Mason told last October’s National Insurance Brokers Association Convention that insurers were committed to a new code for areas made redundant by the FSRA.

But some reports suggest the ambitious revamp – which would include commercial insurance in its ambit for the first time and would require the input of brokers – is making very slow progress. Rod Frail, ICA’s Executive Manager Corporate Affairs, told Sunrise Exchange News there is no truth to rumours of recalcitrant insurers.

“A draft of the new code hasn’t been released to the industry yet, but we hope to release it soon,” he said. “When you’re putting together something like this it’s important to get everything right.”