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The National Insurance Brokers Association (NIBA) welcomed a decision by the Federal Government to defer the deadline for the introduction of new reporting requirements for brokers placing business with direct offshore foreign insurers (DOFIs) for an additional three months.
Assistant Treasurer and Minister for Competition Policy and Consumer Affairs Chris Bowen has informed NIBA the new requirements will not now commence until October 1.
NIBA Chief Executive Noel Pettersen says the Minister’s decision will be welcomed by insurance brokers that place insurance with DOFIs.
“It is great news that the Federal Government has responded to NIBA’s concerns and has agreed to the change,” he said.
From October 1 insurance brokers will need to maintain records of business placed with DOFIs and report their dealings on a regular basis to the Australian Securities and Investments Commission (ASIC).
Other elements of the regulation of DOFIs, including exemption arrangements, will still apply and will commence on July 1.
Mr Pettersen says the extension gives insurance brokers the time they will need to make the necessary adjustments to their systems and protocols to collate the data.
“The systems needed to meet these new requirements are complex and insurance brokers will need time to put them in place,” he said. “The extension is more than justified.”
He says NIBA will continue to work closely with Treasury and ASIC to ensure the data collection arrangements are finalised this month to provide the industry with the confidence to begin collecting data on October 1.
ENDS
For further information contact Noel Pettersen on 02 9459 4300