The Australian Securities and Investments Commission (ASIC) says companies must access an online portal between July and September to submit or validate their business activity metrics, as part of its new cost-recovery program.

The regulator’s latest update confirms it has budgeted to recover $14.1 million from the insurance sector, comprising $11.45 million from product providers, $2.38 million from distributors and $297,000 from risk management product providers.

“Each year, regulated entities will be required to provide us with their metrics for the previous year through the ASIC regulatory portal,” the update says.

From June the regulator will begin sending letters with more information to companies.

ASIC will publish its regulatory costs in November, along with population and business activity data provided by industries.

Total costs to be recovered across all sectors for this financial year are estimated at $238 million.