Competition & Consumer Commission (ACCC) also has a regulatory role with respect to competition law. In certain states, various bodies also have powers in regulating certain types of statutory insurance. For example, in New South Wales the Motor Accidents Authority regulates Compulsory Third Party motor liability insurance. In many cases these bodies have powers regarding premium rating and reinsurance rules. Insurance contract The formation of an insurance contract is governed by ordinary contractual principles however, as a commercial contract, a policy of insurance should be given a businesslike interpretation "having regard to the language used by the parties, the commercial circumstances the document addresses, and the objects which it is intended to secure." Code of Practice The General Insurance Code of Practice is a self-regulatory code that binds all general insurers who are signatories to it. It has been approved by ASIC pursuant to s 1101A of the Corporations Act 2001 (Cth). Australian Financial Complaints Authority If a person doesn't agree with the outcome of the insurer's Internal Dispute Resolution (IDR) process, they can contact the Australian Financial Complaints Authority (AFCA) with a request that the Service resolve the dispute. See also Insurance in Australia Utmost good faith References External links Insurance Contracts Act 1984 Insurance (Agents & Brokers) Act 1984 Financial Services Reform Act 2001 Australian Prudential Regulatory Authority Australian Securities and Investment Commission Australian Insurance Law Association Insurance Council of Australia Insurance Ombudsman Service (IOS) Further reading Greg Pynt, Australian Insurance Law: A First Reference (Chatswood: LexisNexis Butterworths, 2008). Peter Mann and Candace Lewis, Annotated Insurance Contracts Act, 4th edition (Pyrmont: Lawbook Co., 2003). Law of Australia Insurance law Insurance in Australia