The Federal Government has released draft regulations on disclosure warnings for consumers taking out insurance.

They cover written and oral notices informing customers what they must tell insurers before entering a new contract or extending or varying cover.

Finance Minister Mathias Cormann says the regulations will ensure consumers receive a “standard, consistent description” of their disclosure obligations.

The regulations were developed after Parliament passed the Insurance Contracts Amendment Bill last year.

Problems with disclosure were raised in the 2004 Cameron-Milne review, which found consumers often failed to understand aspects of the process, such as the information insurers consider relevant to applications.

Treasury will accept submissions on the draft regulations until June 27.