However, ASIC said that industry lobbying of successive federal governments had "severely limited" the regulator's power to hold the insurance sector to account.
The insurance industry has been exempted from key consumer protections including financial services conduct and complaint handling provisions in the Corporations Act, as well as unfair contract term provisions in the ASIC Act.
"The insurance sector has been exempted from a range of laws which have seen ASIC's ability to review the sector severely limited.
Any government that takes their eyes off the ball, and the ball in this case is to govern, and instead concentrates on their personal grievances is doomed.
How long have we waited for any government to admit they made a mistake, years and years. And they wonder why our trust is so low.