Compliance Licensing

Who needs compliance AFS Licensing?

We provide compliance AFS Licensing services to:

  • Insurers
  • Underwriting Agencies
  • Lloyd’s coverholders
  • Insurance brokers
  • Claim Managers
  • Claimant Intermediaries
  • Insurtechs
  • Start-ups

Why is compliance licensing necessary?

The licensing regime for Australian financial services (AFS) imposes a threshold control over the admission of organisations and individuals to the financial services industry, and continuing control over the activities of such persons once admitted. If you provide a financial service, you generally need to hold a AFS Licence.

How is compliance licensing carried out?

We assist and guide you with what is necessary to obtain an AFS Licence and the process to vary your licence as your business changes and evolves. We assist you in meeting the requirements of ASIC’s Regulatory Guides and completing core, additional and people proofs.

  • New AFS Licence for the following financial services
    • Financial product advice for general insurance products;
    • Deal in a general insurance product; and
    • Claims handling and settling services.
  • Variation to existing AFS Licences
    • Adding a new Responsible Manager
    • Providing claims handling and settling services
    • Vary your authorisation conditions
    • Vary other conditions on your licence e.g., key person
  • Completion of Core and Additional proofs such as:
    • A5 business description
    • People proofs
    • B1 organisational competence
    • B5 Financial statements and resources
    • B3 Compliance arrangements, Conflicts of Interests, Outsourcing
    • C8 Underwriting Agency capacity statement
    • C12 Claims handling and settling service
  • Notification to use the Enhanced regulatory Sandbox (for Insurtechs)