I don't think there is any under GA either. The RAA/GA rules/ regulations all come from CASA.
Going back to the original question on insurance & student liability. Its my contention that the student is, at all times, under the supervision of the Instructor ergo the Instructor is PIC. Therefor can not be liable for any incident while so supervised. If not liable, not responsible for insurance.
That at some time the student may go solo, only changes the degree of direct control, not the basic premise, that is they are still under supervision.
The loose /miss use of the phrase "Pilot In Command" for a student going solo, muddies the waters. It misrepresents the actual legal situation, as it suggests that the student has moved from the Instructors supervision, thus making them liable for contribution to an insurance claim, should one occur.
While I agree that the student is on a journey of increasing aviation skill/knowledge and responsibility, I do not think they become fully responsible (PIC) until licensed/certified ie are no longer a student. Ergo they can not be held responsible for any part of an insurance claim (obviously wilful damage, straying from the agreed flight plan, etc may modify this in whole or part).
CASA has erred in the use of the phrase PIC, when applied to a student. A more correct phrase may be something like Student Pilot in Control ie continuing the reality, that the Instructor is the responsible party, the PIC.
Note; Command has never inferred that direct (hands on) control is a necessary condition of its use.
My pedantic focus on the word " Command" is because I feel that it is the miss use of this word, that is key to the debate on students being coerced into signing a document that commits them to pay the excess, on any insurance claim, for the aircraft they are using, that may occur.
It has been an interesting debate (thanks BrendAn) however I suspect that this matter (student/insurance/Command) can only be resolved in a court, assuming CASA and the Flying School(s) practising the coercive student insurance participation, do not read my threadsπ