Improved electronic disclosure options could be addressed in revised contract regulations due to take effect next year, the Insurance Council of Australia (ICA) has told Treasury.

ICA is seeking options such as the ability to provide documents by hyperlink or via a website, which it says would support more innovative and contemporary disclosure methods.

The arrangements are available through the Corporations Act, but options are more limited under the Insurance Contracts Act 1984.

“We suggest that regulations be prescribed to make the electronic disclosure rules consistent with the Corporations Act,” ICA says in a submission to a Treasury review.

“We would be pleased to further explore with the Treasury how the regulations could be modified to achieve this.”

ICA’s submission also questions why the definition of “insured person” has been removed from the exposure draft of the revised regulations, due to take effect when the current document expires in April. “This would affect the operation of major insurance classes, such as sickness and accident, travel and consumer credit,” it says.

The submission also suggests several regulation improvements around duty of disclosure and exclusions to the definition of home building.