Insurance Council of Australia (ICA) President Terry Towell has sounded a note of caution to the Federal Government on the regulatory burden being borne by the local industry.

Speaking at the ICA Regulatory Update conference, the Allianz Australia MD also warned against “a level of inconsistency evident in the ever-increasing amount of regulation”.

“For example, the review of the unconscionable conduct which the insurance industry believes is already well catered for under the current Insurance Contracts Act,” he said.

He says the Federal Government is driving regulatory change “while at the same time commissioning reports from the Productivity Commission and others on the regulatory burden”.