The Insurance Council of Australia (ICA) has enlisted former Australian Securities and Investments Commission (ASIC) Chairman David Knott to help in processing public submissions on the industry’s new draft code of practice. 

Appointed to independently review the submissions, Mr Knott will assess all received written comments and prepare a final report to incorporate consumer and other input.

ICA Executive Director Alan Mason says Mr Knott – who also acts as an insurance and regulatory adviser for law firm Allens Arthur Robinson – has the regulatory knowledge to ensure the final code complements Government regulation and will also reinforce competitive customer service in the industry.

Although he resigned from public life last year, Mr Knott has made himself heard on some outstanding regulatory issues. He has an expansive knowledge of the regulations that govern the industry – he ran ASIC during the formulation of the Financial Services Reform Act – and has been a long-time supporter of self-regulatory codes that protect customers’ interests.

“The insurance industry has gone through enormous change during the past few years, and I believe a transparent and open public consultation process will assist the industry in delivering an effective new code,” he said.

Submissions are due by September 8. Four of the eight submissions received so far are available to view at ICA’s website.