The Insurance Council of Australia (ICA) has asked the Australian Securities and Investments Commission (ASIC) to back its push for electronic forms of disclosure.

CEO Rob Whelan makes the suggestion in a submission on ways the regulator can improve its performance.

He says that overall, ASIC has demonstrated a “strong understanding” of current and emerging issues facing the financial sector.

It has installed measures to cut annual compliance costs for regulated businesses.

“We generally agree ASIC has demonstrated a commitment to helping ensure its activities do not unnecessarily impede the efficient operation of regulated entities, such as through its implementation of measures to reduce ongoing compliance costs for business and facilitating relief from the law where appropriate,” Mr Whelan said.

“Apart from providing regulatory relief where appropriate to reduce the regulatory burden on business, we submit ASIC may also consider supporting law reform where the benefits are recognised by both industry and ASIC.

“An example of this is law reform to facilitate electronic disclosure by the insurance industry.”

Law reform enabling electronic communication as the default method for product disclosure statements is among a list of suggestions made by ICA’s Effective Disclosure Taskforce.

The taskforce, which released its report last year, also recommended insurers explore and adopt new forms of electronic disclosure.