The Insurance Council of Australia (ICA) is still liaising with the Federal Government on key fact sheets (KFS), which must be provided to home and contents policyholders from November 9.

“Discussions have focused on ensuring the KFS rules are implemented as smoothly as possible, and areas where the rules could benefit from greater clarity,” an ICA spokesman told insuranceNEWS.com.au.

“In particular, ICA has sought refinements to help ensure the desired benefits to consumers are realised.”

Introduction of the one-page sheets follows a regulatory change aimed at reducing confusion over policy coverage, which came in response to the 2011 floods.

Sheets for home and contents policies will give a summary that is easier to understand than detailed contracts and product disclosure statements.

ICA has previously called for increased clarity on KFS obligations – including assurance they do not extend to landlord policies – and has suggested improvements to the templates.

Regulations outlining KFS requirements were issued in November 2012 with a two-year transition period. Sheets are not required if customers enter a contract through an independent insurance broker.

ICA will liaise with the Australian Securities and Investments Commission and the Government as the rules come into effect on November 9, the spokesman said.