NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
The Australian Securities and Investment Commission (ASIC) cancelled the Australian financial services (AFS) licence of NSW based financial services provider Migration Cover Pty Ltd (Migration Cover), effective 4 December 2020.
The regulator discovered that Migration Cover failed to lodge its 2019 annual accounts, maintain membership with the Australian Financial Complaints Authority (AFCA) and that the licence-holder was no longer carrying on a financial services business.
Migration Cover held AFS licence 471072 since 8 May 2015. Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee is no longer providing financial services or fails to meet its legal obligations, including its obligations to lodge financial statements and auditor’s reports annually and hold membership of a dispute resolution system.
ASIC is encouraging small businesses to contact their broker or insurer and ask whether their business interruption policy covers COVID-19 related losses.
ASIC consultation on implementing a deferred sales model for add-on insurance products
NIBA CEO, Dallas Booth has urged action on Design and Distribution Obligations (DDO) legislation
The Federal Court of Australia has found that TAL Life Limited breached its duty to act with utmost good faith under the Insurance Contracts Act