A parliamentary committee that questions the CEOs of Australia’s big four banks annually is expected to have its mandate extended to include insurance industry executives.

Treasurer Josh Frydenberg will this week instruct the House of Representatives Standing Committee on Economics to broaden its scope so other sectors also come under the scrutiny, the Australian Financial Review reported on Friday.

Executives appearing will be required to report on progress implementing recommendations from the Hayne royal commission, according to the newspaper.

The decision over which companies and groups would be called would be up to the committee to decide, but the changes could see organisations such as the Insurance Council of Australia (ICA) also required to appear.

ICA spokesman Campbell Fuller told insuranceNEWS.com.au the council is ready to contribute if required.

“ICA and its members reiterate their support for the aims of the royal commission recommendations that relate directly to general insurance, and are committed to working with the Morrison Government on implementing properly debated reforms that will flow from this process,” he said.