DOFI extension for foreign insurers
Foreign insurers have an extra month to apply for a licence to write business in Australia.
The Australian Prudential Regulation Authority (APRA) has bowed to industry requests and decided to extend the deadline for foreign insurers to pay the application fee to June 30, allowing them to continue to operate in Australia for six months while their application is processed.
Under last year’s Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act, foreign insurers must be authorised by APRA.
The Australian Prudential Regulation Authority (APRA) has bowed to industry requests and decided to extend the deadline for foreign insurers to pay the application fee to June 30, allowing them to continue to operate in Australia for six months while their application is processed.
Under last year’s Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act, foreign insurers must be authorised by APRA.