Insurers will be forced to provide information to the competition watchdog for its northern Australia insurance inquiry – the latest move by the Federal Government to find a way through the region’s politically sensitive insurance premiums debate.

This new inquiry will be “fundamentally different” from previous reviews, because the Australian Competition and Consumer Commission (ACCC) has powers to issue compulsory notices to gather information about pricing decisions, according to an issues paper from the regulator.

“As a formal inquiry, we will use our compulsory information-gathering powers to access information directly from insurers,” Deputy Chairman Delia Rickard said. “This is something other inquiries have not been able to do.

“We are also seeking consumer and industry input on price, policy coverage and any barriers to consumers getting a better deal.”

A spokesman for the Insurance Council of Australia told insuranceNEWS.com.au the industry is ready to co-operate.

“In issuing notices requiring persons to provide… specified information relevant to an inquiry, the ACCC is exercising its regulatory power under the Competition and Consumer Act 2010,” the spokesman said.

“The insurance industry is fully co-operating with the inquiry.”

Insurers’ profitability in the north will be investigated under the inquiry, which was directed by Treasurer Scott Morrison.

The watchdog will hold a series of public forums around northern Australia to let consumers share their concerns.

Townsville will host the first forum on November 15 at the Hotel Grand Chancellor.

The ACCC must submit interim reports to the Treasurer by November 30 next year and

November 30 2019. A final report is due by November 30 2020.

The closing date for submissions is December 21. For more information, click here.