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ARTICLE · 15 OCTOBER 2008

Regulation Of Direct Offshore Foreign Insurers – Further Developments

Norton Rose Fulbright Australia
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In our last Bulletin we looked at the recent changes to the regulation of Direct Offshore Foreign Insurers (known as DOFIs) under the Financial Sector Legislation Amendment (Discretionary Mutual Fund and Direct Offshore Foreign Insurers) Act 2007 (Amending Act).

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Leisa Mikkelsen
Leisa Mikkelsen
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In our last Bulletin we looked at the recent changes to the regulation of Direct Offshore Foreign Insurers (known as DOFIs) under the Financial Sector Legislation Amendment (Discretionary Mutual Fund and Direct Offshore Foreign Insurers) Act 2007 (Amending Act). To recap, the Amending Act amends, relevantly, the Corporations Act 2001 (Cth) (Corporations Act) and the Insurance Act 1973 (Cth) (Insurance Act). The changes took effect on 1 July 2008.

The amendments to the Corporations Act provide that an Australian Financial Services Licensee (AFSL) or an authorised representative of that AFSL must not deal in a general insurance product if the insurer of the product is not one of the following:

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