The Code Governance Committee (CGC or Committee) has published Operational Guidance – Reporting Significant Breaches or serious misconduct to Australian Securities and Investments Commission (ASIC) (Operational Guidance) in accordance with paragraph 176 of the 2020 General Insurance Code of Practice (2020 Code). This requirement to report Significant Breaches and serious misconduct to ASIC came into effect on 1 July 2021.

The Operational Guidance is principles-based and sets out how the CGC expects to meet its responsibility to report Significant Breaches or serious misconduct to ASIC, across a range of circumstances.

Along with the Operational Guidance, the CGC has released a cover letter with more information about the Operational Guidance.