NIBA wins delay over DOFIs
The National Insurance Brokers Association (NIBA) has won its appeal to defer reporting requirements for DOFIs for an extra three months.
CEO Noel Pettersen says Assistant Treasurer Chris Bowen has agreed to defer the new requirements until October 1, giving brokers extra time to adjust their systems.
After October 1 brokers will need to maintain records of business placed with DOFIs and report their dealings to the Australian Securities and Investments Commission (ASIC).
“The delay makes sense because it gives brokers more time to put in the necessary systems and protocols to collate the required data,” Mr Pettersen told insuranceNEWS.com.au today.
In a letter to Mr Pettersen last week, Mr Bowen says it is evident a further three months is needed for the commencement of data collection. He urged NIBA to work closely with Treasury so the arrangements can be finalised this month.
But Mr Bowen says other elements of the regulation, including the exemption arrangements, will still start on July 1.
CEO Noel Pettersen says Assistant Treasurer Chris Bowen has agreed to defer the new requirements until October 1, giving brokers extra time to adjust their systems.
After October 1 brokers will need to maintain records of business placed with DOFIs and report their dealings to the Australian Securities and Investments Commission (ASIC).
“The delay makes sense because it gives brokers more time to put in the necessary systems and protocols to collate the required data,” Mr Pettersen told insuranceNEWS.com.au today.
In a letter to Mr Pettersen last week, Mr Bowen says it is evident a further three months is needed for the commencement of data collection. He urged NIBA to work closely with Treasury so the arrangements can be finalised this month.
But Mr Bowen says other elements of the regulation, including the exemption arrangements, will still start on July 1.