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Approved, rejected, dropped: how ASIC handled licence applications

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The Australian Securities and Investments Commission (ASIC) has released an update on its licensing and professional registration activities for the last financial year.

ASIC received 1500 applications overall, down slightly from 1504 in the previous financial year.

About 1346 applications were for Australian financial services (AFS) and credit licences. ASIC says it approved 394 new AFS and credit licenses and 580 variation applications by AFS and credit licensees.

A spokesman for ASIC told insuranceNEWS.com.au a number of the applications were made by people who listed one of their main activities as general insurance multi-agent, general insurance agent or registered general insurance company.

One new registered general insurance company licence application was made, but was withdrawn post-lodgement, the spokesman said. Four insurance companies applied for variations from existing licensees, of which two were approved. The other two are still under assessment.

ASIC has granted three general insurance multi-agent licences out of four applications made, and rejected one. Three multi-agent variation applications were received. One was approved, another rejected and one was withdrawn.

One of two general insurance agent licence applications received is still under assessment while ASIC has rejected the other at the pre-lodgement stage. The only general insurance agent variation application received during the last financial year was approved.

Click here for the ASIC report.