The Australian Securities and Investments Commission (ASIC) today published estimated sector levies under its new industry funding regime.

Today’s statement includes indicative levies for ASIC’s regulatory costs in the 2018/2019 financial year.

“This information will help industry better plan for the actual levy which will not be billed until January 2020,” ASIC says.

“The indicative levies are a guide and the amounts are likely to change when ASIC’s regulatory costs are known and published in December 2019.”

The proposed levy for the insurance sector is $15.305 million, out of a total levy of more than $273 million. The remainder of ASIC’s $406.4 million running costs will come from the Commonwealth budget.

“Insurance product providers” are on the hook for just over $14 million while “insurance product distributors” will need to cough up about $1.15 million, and “risk management product providers” are likely to pay $152,000.

Each product provider will pay a minimum levy of $20,000 and “those with more than $5 million in relevant insurance product income in the financial year” will pay a graduated levy based on their share of income.

For distributors a flat levy applies.

“Our regulatory costs for insurance product distributors will be shared equally between all entities in the subsector, because our level of regulatory activity is relatively similar for entities with each authorisation,” ASIC says.

Risk management product providers will also pay a flat levy.

The draft Cost Recovery Implementation Statement also outlines ASIC’s costs and how they have been allocated, to increase transparency.

The new regime was brought in last year to ensure the costs of regulation are borne by those that create the need for it.

The National Insurance Brokers Association campaigned to make sure brokers were not stung for more than their fair share.

Submissions on the estimated levies will be accepted up until April 26.

Click here to read the ASIC statement in full.