NIBA Member Update: Claims handling and settling
April 12, 2021
The Australian Securities & Investments Commissions (ASIC) has released an information sheet (INFO 253) for anyone who provides claims handling and settling services for insurance products regulated by ASIC.
These services were previously excluded from the definition of ‘financial service’ in the Corporations Act 2001 and persons who provided these services were not required to hold an Australian financial services (AFS) licence. This exclusion has now been removed.
NIBA members are urged to download and read the following update provided by NIBA’s legal adviser, Mark Radford.
