Parliamentary Secretary to the Treasurer Chris Pearce has released a draft reform package reflecting recommendations from the review of the Insurance Contracts Act.

The Federal Government announced a review of the Act in late 2003 with the aim of improving correcting deficiencies and clarifying ambiguities.

The review was conducted by former Australian Securities and Investments Commission (ASIC) Chairman Alan Cameron and insurance law expert Nancy Milne.

The panel’s suggestions on updating the standard cover regulations and the collection of data on claims by innocent co-insureds aren’t included in this package of reforms. They will be handled separately.

Submissions on the draft reforms will be welcomed until March 23.