Former Australian Securities and Investments Commission GM Phil Khoury has been appointed to provide independent oversight for the General Insurance Code of Practice review.

Mr Khoury recently reviewed the Australian Bankers’ Association code and is a highly experienced independent reviewer in the financial sector, the Insurance Council of Australia (ICA) says.

He also reviewed submissions related to the Insurance Ombudsman Service’s new terms of reference in 2009.

The general insurance code has undergone several updates since it was introduced in 1994. The current, plain-English version took effect in 2014.

The previous review resulted in a revised code in 2014, although ICA declined to act on many of the 60 recommendations made by reviewer Ian Enright.

“ICA is delighted Mr Khoury has agreed to bring his vast experience working with industry bodies and self-regulatory codes to this important process,” spokesman Campbell Fuller said.

“His appointment as independent overseer underlines the integrity of ICA’s code review.”

ICA started the review in February and said an interim report would be released within six months. The deadline for submissions closed on April 28.

“An effective, collaborative code review is a constructive way to confirm the standards insurers set for themselves remain aligned with their policyholders’ expectations, and strengthen trust in this critical part of the financial services sector,” Mr Khoury said.