There is a General Insurance Code of Practice, which deals with service standards for general insurance products. The Code does not relate to life or health insurance, reinsurance, workers compensation, marine insurance, medical indemnity insurance, or compulsory third party insurance.

The 2020 General Insurance Code of Practice includes increased protections for insured consumers. Part 6 outlines standards in relation to buying insurance, including the requirement that insurers will not engage in pressure selling of insurance. If an insurance company refuses to provide a person with a policy, it must say why. Part 9 states that an insurer must take extra care with vulnerable consumers and must have a family violence policy. Part 10 includes a range of measures to ensure that people who are suffering financial hardship are assisted, including assessing that hardship for the purposes of the waiver or deferral of a debt.

The Code also includes penalties of up to $100,000 for a significant breach of the code by an insurance company. Anyone can report breaches of the Code to the Code Governance Committee, who is responsible for monitoring and enforcing it.