The media might want to interpret what the second round of the Australian Prudential Regulation Authority's reforms means for the industry, but the industry is still weighing things up. Insurance Council of Australia Corporate Affairs Manager Rod Frail told Sunrise Exchange News that while the council isn’t making any official statements until it has consulted with member companies, discussions with the Government will take place over the next few months.

“As far as we’re concerned the significant reforms on the big issues like re-licensing were released last year,” he said. “The discussion paper was expected, and right now we’re in the process of working though all the recommendations and gathering our own information.”

“If there’s one thing you can be sure of is we’ll definitely be putting forward some comments,” Mr Frail said.