NIBA requests feedback on ASIC industry funding model

It has been a non-stop year for NIBA’s policy team with no sign that Government plans on slowing down anytime soon with both the Albanese government and the NSW state government announcing inquiries that impact members. NIBA is seeking member feedback to help inform our response to these consultations. Members who would like to provide feedback to either consultation should contact NIBA’s Policy and Research Manager, Allyssa Hextell.

ASIC Industry Funding Model

The Albanese government recently announced the commencement of a review of the Australian Securities and Investments Commission (ASIC) Industry Funding Model (IFM) to ensure the settings of the IFM remain appropriate in the longer term.

The review will focus on identifying refinements to the IFM that may be required to ensure its settings remain appropriate, given the significant changes in the financial services market that have occurred since the IFM was introduced in 2017.

While a Terms of Reference has been issued to help guide the review, the Government has yet to announce a date for the public consultation process. NIBA will work with Treasury and ASIC to ensure members’ voices are heard.

New South Wales Personal Injury Commission

Consistent with the Personal Injury Commission Act 2020, the State Insurance Regulatory Authority (SIRA has commenced a statutory review of the New South Wales Personal Injury Commission.

The Personal Injury Commission was established in 2020, taking over the functions of the Workers Compensation Commission, Dispute Resolution Service, the Motor Accidents Claims Assessment and Resolution Service, and the Motor Accidents Medical Assessment Service.

The Review will consider whether the policy objectives of the Act remain valid and whether the terms of the Act remain appropriate for securing those objectives.