Licensing and disclosure: Making the transition to the FSR regime

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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 Page 46
LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE FSR REGIME SECTION 1.5: LICENSING — SPECIAL TRANSITIONAL ARRANGMENTS FOR INSURANCE AGENTS AND INSURERS 1.5.10 During the 2-year transitional period, ASIC will make available information at our offices and on the internet through our website about: (a) opt-in notices that have been lodged with ASIC; and (b) variations and revocations of those notices. What law applies after the transition period? 1.5.11 After an insurance agent’s transition period, the insurer and the agent will be covered by the new licensing regime. Australian Securities and Investments Commission — October 2001 Page 47
Page 1 and 2: CONSULTATION PAPER 26 Licensing and
Page 3 and 4: Contents LICENSING AND DISCLOSURE:
Page 5 and 6: LICENSING AND DISCLOSURE: MAKING TH
Page 7 and 8: Product disclosure LICENSING AND DI
Page 9 and 10: Your comments LICENSING AND DISCLOS
Page 13 and 14: Our message: apply early LICENSING
Page 15 and 16: Example A LICENSING AND DISCLOSURE:
Page 21 and 22: New financial service providers REP
Page 45: LICENSING AND DISCLOSURE: MAKING TH
Page 63 and 64: Related papers LICENSING AND DISCLO
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Licensing and disclosure: Making the transition to the FSR regime

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