Important Updates for October Reforms

Important Updates for October Reforms

There have been a number of recent developments in relation to reforms taking effect in early October 2021.  It is important that all insurance brokers are aware of these developments.

New Breach Reporting Obligations

NIBA has previously provided information in relation to the new ASIC Breach Reporting Obligations that take effect from 1 October 2021.

We are now able to provide a comprehensive overview and suggested approach for the new breach reporting regime.

All insurance broking offices will need to ensure that their breach reporting processes and procedures are adapted to meet the new ASIC requirements.

We acknowledge this is complex and difficult, however, we urge all broking firms to carefully review their processes and ensure they are revised where necessary.

Possible Changes to Design and Distribution Obligations

Treasury has advised there will be some changes to the Design and Distribution Obligations requirements prior to them taking effect on 5 October 2021.

A note has been prepared by our legal adviser Mark Radford. These last minute adjustments are still being clarified, and NIBA will provide further details on this issue as they come to hand.

Summary of reforms

A summary of all reforms taking effect in October 2021 will be published in the October edition of NIBA’s Insurance Adviser magazine.  We urge all insurance brokers to make sure they are familiar with the reforms and have adjusted their business processes where required.