The Insurance Council of Australia (ICA) has asked to be exempted from the Foreign Influence Transparency Scheme, which is part of the Turnbull Government’s crackdown on espionage and other activities that jeopardise national security.

ICA says that as an industry body it acts on behalf of an entire membership and practices full transparency by making public its membership base, policy positions and other related activities.

It made its case with three other industry bodies (the Financial Services Council, Australian Bankers’ Association, and Australian Private Equity and Venture Capital Association) in a joint submission to the Parliamentary Joint Committee on Intelligence and Security, which is reviewing the Foreign Influence Transparency Scheme Bill.

“Our representations are made in the best interests of the industry, in accordance with internal governance procedures, including board, working group and committee structures,” the submission says.

“Without examining all the technical issues, the proposed exemptions from the scheme do not appear to be appropriate or relevant to industry bodies such as ours.

“Accordingly, for the avoidance of any doubt, and given non-compliance carries with it criminal penalties, we would urge the Government to specifically provide an exemption in the legislation for industry bodies that carry out otherwise registrable activities, including advocacy on behalf of their membership base.”

The Bill was introduced to Parliament in December.