The Australian Securities and Investments Commission says regulatory costs to be recovered through funding levies for last financial year will be less than previously estimated. 

In July, ASIC calculated the financial services industry, including the insurance sector, would pay about $345.6 million to support its oversight.

The commission says in an update today it will instead collect about $328.11 million.

The insurance industry will pay about $19.1 million, 11% less than the July estimate. A breakdown of insurance by type is not provided.

Within the insurance industry, product providers will be levied $11.26 million, 14% less than initially estimated; product distributors will pay about 77% more at $842,000; claims handling and settling services providers will contribute 10% less at $6.9 million; and risk management providers will chip in $100,000, about 24% more.

Click here for the update.