Downunder Insurance Services’ licence has been cancelled after it failed to pay levies to the Australian Securities and Investments Commission.

The charges were outstanding for more than 12 months, the regulator says.

The general insurance broker had held an Australian financial services licence since February 22 2005.

Under ASIC’s industry funding model, levy contributions facilitate supervision of financial services sectors including general insurance. Costs for each subsector are calculated at the end of the financial year.

ASIC has also cancelled the licence of Ipraxis for failure to pay levies. The business was authorised to advise on products including life cover and superannuation.

The two companies have the right to appeal to the Administrative Review Tribunal.