The Federal Government has confirmed Treasury junior ministers Chris Bowen and Nick Sherry will share responsibility for the insurance industry.

Mr Bowen, the new Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, will oversee prudential regulation of insurance including the Australian Prudential Regulation Authority (APRA), as well as financial institution levies and HIH claims support.

He is also responsible for ensuring the availability and affordability of insurance, and foreign investment.

Senator Sherry, the Minister for Superannuation and Corporate Law, takes on corporate governance issues including financial market conduct, disclosure and investor protection.

He will also oversee non-regulation supervision issues and the administration of the Australian Securities and Investments Commission (ASIC).

NIBA insurance regulation consultant John Hanks expects Senator Sherry to be the broking industry's go-to man.

"I expect that we will deal mostly with Senator Sherry and have some dealings with Mr Bowen, particularly in relation to [direct offshore foreign insurers]," he said.