Licensing and disclosure: Making the transition to the FSR regime

LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE FSR REGIME
SECTION 1.5: LICENSING — SPECIAL TRANSITIONAL ARRANGMENTS FOR INSURANCE AGENTS AND INSURERS
(c) applying for a standard AFS licence under the new
regulatory regime: see paragraph 1.3.17 of this guide;
(d) if the insurance agent is a multi-agent — applying for a
qualified AFS licence: see paragraph 1.3.35 of this guide.
Note: See our process guideline How do you get an Australian financial
services (AFS) licence? (Release 2.0 — October 2001) for guidance on how to
apply for an AFS licence.
1.5.5 Under the transitional provisions, the insurance agent may lodge
with ASIC an opt-in notice covering one or more of its
authorising agreements with insurers.
1.5.6 An opt-in notice must be lodged with ASIC by the insurance
agent and must identify the insurance agent and the relevant
insurer(s) clearly.
1.5.7 An opt-in notice must indicate that the insurance agent no longer
wants to be covered by the IABA from a specified date or from
the end of a specified period. An opt-in notice may contain
different specified dates or periods for each of the authorising
agreements it covers.
1.5.8 The date(s) specified in the notice must be after the date on
which the notice is lodged with ASIC. Similarly, if the notice
specifies a period, the period must end after the date the notice is
lodged with ASIC.
Note: If necessary, we will provide further guidance in a future licensing
process-related publication on how to lodge your opt-in notice and the form of
the notice.
1.5.9 When an insurance agent lodges an opt-in notice covering an
authorising agreement with an insurer, and the notice is not
varied or revoked before it takes effect, the IABA will no longer
apply to:
(a) that agent; or
(b) the insurer in respect of the agent’s activities on behalf of
that insurer;
from the date specified in the notice, or from the end of the
period specified in the notice. From that time, the insurance
agent and the relevant insurer will be covered by the new
licensing regime.
Australian Securities and Investments Commission — October 2001
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