The Australian Securities and Investments Commission (ASIC) has made life easier with respect to providing group insurance, particularly within a superannuation fund environment.
The regulator announced this week that it had provided relief with respect to group insurance to “provide certainty and remove unnecessary regulatory burdens that may impede the provision of cover through group purchasing bodies”.
Explaining its move, ASIC said it considered that requiring group purchasing bodies to hold an Australian Financial Services licence and to comply with the managed investment scheme registration requirements would impose a disproportionate cost burden on group purchasing bodies.
It said the relief would ensure group purchasing bodies could continue to enter group purchasing arrangements for the benefit of their members or clients.
