The industry’s ability to maintain its self-regulation status hinges on producing a “robust and ambitious” code, Insurance Council of Australia (ICA) CEO Rob Whelan says.

Such a code is vital to building community trust, Mr Whelan told Thursday’s ICA Annual Dinner.

“If we are to build and retain that trust, we must conduct business not only by the letter of the code but, most importantly, by the spirit of the code – placing the customer at the centre of our thinking.”

The General Insurance Code of Practice is under review and ICA hopes to have it in place early next year.

It is expected to tackle some of the most pressing and complex community issues, Mr Whelan says. These include engagement with customers facing financial hardship, family violence and mental illness.

The code will also seek to ensure products are developed to consumers’ needs.

ICA President Richard Enthoven says many of the issues raised will require tough decisions from the industry, but it is an opportunity to explain its message to the community.

“Indeed, the opportunity currently in front of us is to do so as we deliver an enhanced code that reinforces the merit of self-regulation,” he told the dinner. “By doing this, we’ll go a long way towards rebuilding the trust the insurance industry richly deserves.”