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International Law

: Australian Regulatory Compliance Review

Regulation of Direct Offshore Foreign Insurers ? Draft Regulations

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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.

Full post as published by Australian Regulatory Compliance Review on May 29, 2008 (boomark / email).

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