The Insurance Council of Australia (ICA) says key facts sheets should not extend to landlord policies, which have their own particular characteristics.

It has also asked Treasury to clarify that the fact sheets are not required for strata contacts or sections of a bundled policy.

Treasury is considering minor amendments to the key facts sheets, which are being introduced for home and contents policies as part of the response to the 2011 floods.

The fact sheets aim to ensure that consumers get important policy information in a simple format.

Regulations setting out the key facts sheets requirements were issued in November last year, with a two-year transition period, so insurers are working towards introducing by November next year. 

ICA says members report the two templates provided are of low quality and unsuitable for reproduction.

It proposes a draft key facts sheet that shows how one sheet can cover more than one product, where the products are substantially the same.

It gives an example where the proposed key facts sheet does not distinguish between accidental damage and accidental breakage, when the difference can be important.