ASIC’s new website provides streamlined access to licence management services including easy access to ASIC portals such as the new Regulatory Portal for applying for a new AFS Licence or managing an existing licence.
In addition, the wesbite provides a wide range of very useful regulatory resources.
Regulatory resources for AFS Licensees in general insurance
The following pages are relevant for firms providing general insurance products or services:
Note: APRA Regulated insurers should also refer to the resources on APRA’s webapge. I’ll cover these resources in a seperate article.
- regulatory resources search
- financial services
- insolvency
- corporate governance
Regulatory resources research
This page enables users to search for regulatory guides, information sheets, reports, ASIC consultations. forms and ASIC instruments.
Advanced search functionality enables the search to be focused, relevantly, on financial services, financial reporting, dealing with ASIC, financial advice & technology.
Financial services
Any AFS Licensee in general insurance should bookmark this page
There are a number of sub-categories which are very helpfully categorised as follows:
- regulatory reforms
- financial advice
- giving advice
- financial product disclosure
- design & distribution obligations
- dispute resolution
- reportable situations
- client money reporting
- financial accountability regime
- claims handling and settling
AFS Licensees
I would also recommend that you bookmark these pages:
- Information for AFS Licensees
- ASIC Regulatory Portal – Applications for a new AFS licence, variation or cancellation of an existing licence, or notifications of some changes to an existing licence.
Information for AFS Licensees
This page also includes links to:
- Do you need an AFS Licence?
- Applying for and managing an AFS licence
- AFS Licensee obligations
- Changing details and lodging forms
- varying or cancelling your AFS licence
AFS Licensee obligations
A comprehensive page that provides a great overview of your obligations as an AFS licensee with links to the relevant ASIC Regulatory Guides and Information Sheets.
Insolvency
As an AFS licensee (other than APRA regulated insurers), you must meet the base level financial requirements. This includes the solvency and positive net assets requirement – At all times you must be solvent (i.e. be able to pay all your debts as and when they become due and payable) and have total assets that exceed total liabilities (as shown in your most recent annual balance sheet lodged with ASIC), and at all times have no reason to suspect that total assets would no longer exceed total liabilities on a current balance sheet.
This ASIC page contains useful general information on insolvency.
Corporate governance
This is a very useful page for Directors and Company officers.
The page also includes a sub-link to cyber resilience and a very useful series of ASIC speeches in connection with Directors as gatekeepers. I will use this page to publish a future article on the role of Directors in setting the right culture.
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