The corporate regulator is inviting feedback on plans to remake the ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682.

The instrument, which ends in October, provides relief from the requirement to appoint a distributor of a basic general insurance product as an authorised representative.  

This reduces regulatory burden and compliance costs, the Australian Securities and Investments Commission says.

The regulator has found the instrument is “generally operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework”.

ASIC proposes to remake the instrument for five years.

Send feedback to rri.consultation@asic.gov.au June 25, referring to “CS 20 proposed remake of basic deposit and general insurance product distribution legislative instrument”.