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ASIC Extends Relief on Distribution Rules for Insurance Providers

This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682.

The relief will now continue until August 27, 2030.

The initial relief, slated to expire next month, addresses the legislative requirements surrounding the appointment of representatives by insurance companies. By doing so, ASIC aims to alleviate the regulatory load carried by these providers and eliminate certain technical requirements.

This regulatory adjustment is particularly significant for general insurance providers, as it eases compliance costs and regulatory complexities. By reducing these burdens, insurance companies can allocate resources towards enhancing product offerings and broadening the availability of insurance products to Australian consumers. Consequently, this could foster a more competitive market, potentially benefiting consumers through more diverse and accessible insurance options.

The extension of the relief is expected to drive further discussions on how regulatory frameworks can be optimised to better support both providers and consumers in the financial sector. Expert analyses suggest that this move could serve as a blueprint for future amendments aimed at balancing regulation with industry growth. Stakeholders in the industry will be closely monitoring the effects of this relief on the insurance market as they assess potential adjustments to their distribution strategies up to 2030.

Published:Tuesday, 16th Sep 2025
Source: Paige Estritori

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Insurance News

ASIC Extends Relief on Distribution Rules for Insurance Providers

16 Sep 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives. This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682. The relief will now continue until August 27, 2030. - read more

Cyber Insurance Becomes Essential Amid Rising Digital Threats

12 Sep 2025: Paige Estritori

The recent cyberattack on Fortnum Private Wealth, accompanied by ASIC's legal action, has spotlighted the critical risks cyber threats pose to financial advice companies in Australia. With digital integration intensifying across the finance sector, the owner of Fortnum, Entireti, plans to defend the case, underscoring the necessity for ongoing vigilance in cybersecurity measures. - read more

Swiss Re Foresees Rising Premiums Amid Increasing Global Risks

10 Sep 2025: Paige Estritori

In a comprehensive analysis, Swiss Re Institute predicts that global property and casualty insurance premiums will rise in tandem with GDP over the upcoming decade. This growth is driven by amplified natural catastrophe losses, asset accumulation, and heightened economic and litigation claims inflation. The institute's report outlines the evolving insurance landscape amid increasing global risks. - read more

Insurance Council of Australia Assists NSW Flood Claimants

09 Sep 2025: Paige Estritori

In response to the devastating floods that swept across New South Wales' Mid North Coast in May, the Insurance Council of Australia (ICA) is taking proactive steps to support the affected residents. Insurers, organised by the ICA, will be meeting with flood victims in Kempsey, Taree, and Port Macquarie to provide guidance and support as they navigate their insurance claims. - read more

Ombudsman Upholds Policyholder’s Claim Despite Fraud Allegations

08 Sep 2025: Paige Estritori

A motor insurance policyholder has won a significant dispute over fraud allegations, with the industry ombudsman ruling in favour of a payout following a controversial car accident claim. The case revolved around an incident where the claimant's wife crashed at an intersection one evening, reportedly failing to yield. The lack of photographic evidence due to shock and subsequent involvement of towing services complicated matters. - read more

NM Insurance Secures Growth with Five-Year Zurich Partnership

05 Sep 2025: Paige Estritori

In a strategic move set to bolster its market position, NM Insurance has announced a five-year agreement with capacity provider Zurich, positioning itself for further growth and increased broker confidence in its success. Since its establishment two decades ago as Nautilus Marine Insurance Agency, NM Insurance has expanded its focus beyond the recreational boat market in Australia, branching into New Zealand and diversifying into the commercial marine, caravan, and motorcycle sectors. - read more

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Endorsement:
An amendment or addition to an existing insurance policy that changes the terms or scope of the original policy.

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