ASIC Extends Relief on Distribution Rules for Insurance Providers
ASIC Extends Relief on Distribution Rules for Insurance Providers
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The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives.
This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682.
The relief will now continue until August 27, 2030.
The initial relief, slated to expire next month, addresses the legislative requirements surrounding the appointment of representatives by insurance companies. By doing so, ASIC aims to alleviate the regulatory load carried by these providers and eliminate certain technical requirements.
This regulatory adjustment is particularly significant for general insurance providers, as it eases compliance costs and regulatory complexities. By reducing these burdens, insurance companies can allocate resources towards enhancing product offerings and broadening the availability of insurance products to Australian consumers. Consequently, this could foster a more competitive market, potentially benefiting consumers through more diverse and accessible insurance options.
The extension of the relief is expected to drive further discussions on how regulatory frameworks can be optimised to better support both providers and consumers in the financial sector. Expert analyses suggest that this move could serve as a blueprint for future amendments aimed at balancing regulation with industry growth. Stakeholders in the industry will be closely monitoring the effects of this relief on the insurance market as they assess potential adjustments to their distribution strategies up to 2030.
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The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives. This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682. The relief will now continue until August 27, 2030. - read more
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