Allianz boss warns of DOFI loopholes
Allianz Australia MD Terry Towell has criticised the new direct offshore foreign insurers (DOFI) legislation as a mirage with “loopholes within loopholes”.
Writing in insurance NEWS.com.au this week [see ANALYSIS], he says unless Treasury drafts the exemption regulations with extreme care, the regulatory regime may end up being further undermined.
He says the exemption regime is “so broad insurers don’t expect the regulation of DOFIs to have any material effect on the insurance market or the ability of insureds and brokers to use DOFIs”.
Writing in insurance NEWS.com.au this week [see ANALYSIS], he says unless Treasury drafts the exemption regulations with extreme care, the regulatory regime may end up being further undermined.
He says the exemption regime is “so broad insurers don’t expect the regulation of DOFIs to have any material effect on the insurance market or the ability of insureds and brokers to use DOFIs”.