NSW REVENUE COMMISSIONER PRACTICE NOTE
The NSW Revenue Commissioner has issued Practice Note No. CPN 001 General Insurance – Small Business Exemption – Small Business Declaration which provides guidance on: the way a small business declaration can be made for the purposes of obtaining an exemption from...
ASIC RELEASES UPDATED GUIDANCE ON CONFLICTED REMUNERATION
17-421MR ASIC updates guidance on conflicted remuneration ASIC has updated Regulatory Guide 246 (RG 246), now titled Conflicted and other banned remuneration. The conflicted and other banned remuneration provisions were introduced as part of the Future of...
ASIC RELEASES NEW EXAMPLE SOA FOR LIFE INSURANCE
17-422MR ASIC releases new example Statement of Advice for life insurance ASIC has released its new example SoA for life insurance as part of updates to Regulatory Guide 90 Example Statement of Advice: Scaled advice for a new client (RG 90) and the Government's...
Consultation on ASIC’s Directions Powers
EXECUTIVE SUMMARY The ASIC Enforcement Review has released Position and Consultation Paper 8 - ASIC’s Directions Powers. This is considering reform to the existing financial services and credit licensing regimes by giving ASIC the power to direct financial services or...
ASIC Media Release: Youi Pays $164,000 for Poor Insurance Sales Practices
Youi has refunded 102 consumers approximately $14,000 in total, and will pay $150,000 as a community benefit payment to the Financial Rights Legal Centre's Insurance Law Service, after ASIC raised concerns about its home and car insurance sales practices. Youi engaged...
ACCC Consultation – Issues Paper on Northern Australia Insurance Inquiry
EXECUTIVE SUMMARY On 25 May 2017, the Treasurer, the Hon Scott Morrison MP, directed the Australian Competition and Consumer Commission (ACCC) to hold an inquiry into the supply of home, contents and strata insurance products to consumers in northern Australia (the...
NSW ESL
NSW ESL Two additional draft guidelines have been released for consultation (on 16 November 2017): Guidelines on the use of enforceable undertakings Guidelines on over-collection of ESL (including refund undertakings) Comments on the draft guidelines are to be...
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Consultation on Insurance Contracts Regulations 2017
EXECUTIVE SUMMARY The Insurance Contracts Regulations 2017 alongside the Insurance Contracts and Other Laws (Repeal and Consequential Amendments) Regulations 2017 have been released as exposure drafts set for commencement on 1 April 2018. The new regulations are...
AFCA Update
The Financial Services Minister has confirmed the key legislative elements of the establishment of AFCA and the facts that the transition team, being led by Dr Malcolm Edey, will undertake stakeholder consultation in order to develop AFCA’s terms of reference,...