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ASIC funding bill passes as industry works on regulations

Legislation making the insurance sector contribute to Australian Securities and Investments Commission (ASIC) funding passed the Senate last week, but related regulations are still being fine-tuned.

ASIC will be funded by the industries it oversees, including banking and general insurance, under changes to take effect next month.

“Regulations that provide additional detail on the operation of the industry funding model will be made shortly, ahead of the commencement of the model,” Revenue and Financial Services Minister Kelly O’Dwyer said.

Insurers and brokers say they are still working with the Government on regulations that will set out the methods and sums to be paid by various sectors through annual levies.

“The passage of legislation introducing an industry-funded model for ASIC gives insurers certainty as the July 1 commencement date for the system approaches,” Insurance Council of Australia spokesman Campbell Fuller told insuranceNEWS.com.au.

“The Insurance Council of Australia looks forward to working with Treasury and ASIC to fine-tune the regulations governing how the new funding model will be implemented.”

National Insurance Brokers Association CEO Dallas Booth says his organisation is liaising with Treasury to clarify some definition and classification issues.

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