Remember Ryan Law, the 22-year-old Melbournian who developed a club to insure members against parking and speeding fines? Despite collecting money from willing policyholders, he has yet to hear from the Australian Securities and Investments Commission about the folly of operating a financial business without the benefit of an Australian financial services licence.

Mr Law told Sunrise Exchange News he’s “hit a dry wall” in enticing more members into the club, for which he’s seeking a sponsor. He says he also wants to take a “more formal approach” to the venture and will be asking a major underwriter to be involved.

He says he “likes the look of AIG, CGU and AAMI” but will need to do some more research before making a decision.

The system has signed up 56 people so far. It charges $69 a year for membership, which includes 50% reimbursement of parking and speeding fines. Businesses would pay $110 a year. Mr Law says he expects the club to return tidy profits, despite the fact that he’ll lose out if motorists claim more than one low-level speeding fine or two parking fines a year.