The corporate regulator expects to bill the insurance industry - both general and life - about $16.44 million in funding levies to pay for the cost of its regulatory activities in the last financial year.

About $13.33 million will be in the form of cost recovery levies and $3.11 million via statutory levies, the Australian Securities and Investments Commission (ASIC) says.

The regulator estimates the various industries it regulates, including insurance, will pay $236.1 million in total cost recovery levies and $57.41 million in overall statutory levies. The corporate sector will pay the biggest amount of levies, at $86.93 million. Insurance is second last on the list, at $16.44 million.

ASIC provided the figures in its 2019/20 Cost Recovery Implementation Statement, which has been prepared on the basis of planned regulatory work and budgeted allocation of costs at the beginning of the last financial year. The statement has been provided annually after the Government announced in 2016 the introduction of an industry funding model for the corporate regulator.

The regulator says the indicative levies for 2019/20 are a guide only. There will be differences between indicative and actual regulatory costs, once known. The final levies will be based on the actual cost of regulating each subsector during that year.

ASIC will issue invoices for the 2019/20 financial year this month, after the business activity has occurred and its regulatory costs are known.

Click here for the cost recovery implementation statement.