The Insurance Council of Australia (ICA) is reviewing the General Insurance Code of Practice under a broader push to improve the industry’s reach to consumers and keep pace with recent developments.

It will be the fifth review. The last assessment in 2012 led to the current code’s introduction in 2014.

The review will examine seven of the code’s 15 sections, including standards for employees and authorised representatives, standards for service suppliers, financial hardship, complaints and disputes, and monitoring, enforcement and sanctions.

It will also consider whether to introduce new areas of insurer behaviour.

“Though ICA believes the 2014 code is fit for purpose and remains the benchmark for industry self-regulation in Australia, recent external developments affecting the general insurance industry have led ICA to carry out a targeted review,” the council says.

The review will be conducted in consultation with key stakeholders including the Code Governance Committee, the ICA Consumer Liaison Forum, the Australian Securities and Investments Commission and the Financial Ombudsman Service.

An interim report will be released within six months.

The public can make submissions here. The closing date is March 31.