Brokers have been handed a second deadline extension to prepare for new reporting requirements for business placed with direct offshore foreign insurers (DOFIs).

Canberra sources told insuranceNEWS.com.au on Friday that Treasury has revised the original schedule and the compliance date has been pushed back to January 1.

It’s a second concession after Consumer Affairs Minister Chris Bowen agreed last month to extend the implementation date for new reporting requirements from July 1 until October 1.

The Government initially declared there would be no exceptions to implementation of DOFI rules, most of which were effective from July 1.

Treasury intends to release draft regulations on reporting requirements around the middle of next month.

The Australian Securities and Investments Commission (ASIC) will release draft statistical return forms shortly after, while final regulations are expected by the end of September.

The changes mean the first reporting period for brokers placing business with DOFIs will cover January 1 to June 30 next year. After that they’ll have to report to ASIC every six months.

ASIC is expected to disclose full details of the requirements next month.