Regulation of Direct Offshore Foreign Insurers – Draft Regulations

On 8 April 2008, the Assistant Treasurer announced the limited exemption arrangements that would apply under the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007.
The Assistant Treasurer also announced that data would be collected
from AFSL holders in relation to business placed with discretionary
mutual funds and direct offshore foreign insurers and that consumer
protection would be enhanced.

The draft regulations set out the data collection arrangements and consumer protection measures.

Data collection from AFSL holders will now commence from 1 October 2008.

Submissions are invited on the draft regulations and explanatory
material by 2 June 2008.

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