The National Insurance Brokers Association (NIBA) has urged regulators to introduce standard online disclosure to trim costs for insurers, brokers and customers.

The Australian Securities and Investments Commission (ASIC) recently canvassed stakeholders on the merits of using online disclosure documents to replace the current paper-based system.

Online documentation would encompass product disclosure statements, financial services guides and statements of advice. A further proposal considers online disclosure as the default option for clients.

A NIBA submission supports the idea.

“Not only will there be significant dollar savings to NIBA members but the new arrangements should lead to better informed consumers and hence a more effective market,” the association said.

ASIC will release a regulatory guide on the matter in April.