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Regulation of Direct Offshore Foreign Insurers – Draft Regulations

Date:

Thursday, 29 May 2008

Content ID:

1382

Abstract:

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. Submissions may be lodged electronically, by post or facsimile. Please indicate if the submission is confidential.

Submission closing date: 2 June 2008

Address written submissions to:

Regulation of Direct Offshore Foreign Insurers – Draft Regulations
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: 02 6263 3866

Email: DOFIexemptions@treasury.gov.au

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Draft Corporations Amendment Regulations 2008  31.58kb
Draft Financial Sector (Collection of Data) Regulations 2008  13.16kb
Explantory Statement for DOFI Consumer Protection Regulations  49.62kb
Explantory Statement for FSCODA Regulations  23.18kb

Related Items:

Submissions: Regulation of Direct Offshore Foreign Insurers - Exemption Discussion Paper - 2/11/2007
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Regulation of Direct Offshore Foreign Insurers – Exemption Discussion Paper - 20/09/2007
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Discussion Paper: Regulation of Discretionary Mutual Funds and Direct Offshore Foreign Insurers - 16/12/2005
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Regulation of Direct Offshore Foreign Insurers - Draft Regulations - 28/04/2008
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