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Clients could be offered a proportion of their agreed limit in exchange for dropping their claims.
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Policyholders also get another 60 days to pay premiums.
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The regulator is to enforce measures to help customers in financial distress from 18 May.
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Details of the scheme, which is slated to run until the end of the year, are yet to be determined.
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The ACPR sent the mutual a second letter ordering reforms.
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Treasurer Josh Frydenberg cites Covid-19 recovery and support efforts.
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The project is one of a number of initiatives stalled or postponed because of Covid-19 pressures.
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The Financial Ombudsman works within parameters that pay limited heed to legal contracts. ‘Fairness’ versus the law in Covid-19 BI disputes
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The potential reduction in care requirements for disabled people could lead to legal challenges.
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Consolidated earnings fall 21 percent but the underwriting ratio of the open market business improves.
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The new vehicle, which is targeting a 1 January 2021 launch, represents a revision of original plans to launch an SIAB.
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The ABI welcomes the move, which comes as disputes over liability for pandemic-related losses at UK SMEs mushroom.