Many states require that a code approved termite barrier be applied to all ICF below grade foundations. TERM Foundation Water|Termite Barrier is the only code approved Formosan termite barrier. Here is Section 1.0 found in ESR 3632 report:
TERM Barriers are an upgrade of Polyguard's widely used waterproofing building envelope products, so the barriers provide waterproofing as well.
Note that in order to be considered a termite barrier, the product must provide a report showing 5 years of controlled field trials in multiple Formosan infested areas. For acceptance all samples from test sites must be “wood not attacked".