The Australian Competition and Consumer Commission (ACCC) has called for submissions by Tuesday next week on a draft authorisation allowing insurers to continue co-ordinating on COVID-19 SME assistance measures until the end of the year.

The ACCC says it will also consider any requests for a pre-decision conference ahead of a final determination next month.

The draft authorisation, which applies to Suncorp, Allianz, QBE and other insurers or brokers who notify the ACCC, follows an April interim decision on assistance for policyholders with premiums due by June 30.

“There is clearly a need for these relief measures to continue as many small and medium-sized Australian businesses continue to experience unprecedented financial hardship due to the COVID-19 pandemic,” ACCC Commissioner Stephen Ridgeway said.

“However, the ACCC will continue to monitor this authorisation to ensure it does not result in unintended consequences impacting competition in the insurance industry.”

Suncorp, Allianz and QBE initially announced support arrangements for SMEs in early April, after seeking ACCC clearance, as lockdowns introduced to contain the virus took a toll on businesses around Australia.

The measures include deferring premium payments for up to six months, refunding unused premiums on any cancelled policies without being charged fees and providing continuity of cover for vacant premises.