The insurance industry will see few changes from a Federal Government Administrative Review Council report expected to tell regulators at all levels to take a more balanced approach to coercing information from business.

The report is due for release in the next couple of weeks and will outline a set of best practice principles for the activities of regulators like the Australian Securities and Investments Commission (ASIC).

NIBA regulation consultant John Hanks says the changes will affect few brokers.

The principles are expected to include a directive for regulators to keep “the cost of compliance proportionate to the potential significance of information sought”.

The council is aiming to streamline operating guidelines for state regulators in a bid for efficiency gains.