Perth-based online broker Insurance My Way Ltd is moving out of insurance now that it has been let off the hook by ASIC. The regulator had taken out a stop order against Insurance My way over a prospectus issued on May 28. It alleged the stop order was necessary because of a lack of disclosure by Insurance My Way.

But ASIC has now revoked the order following the issue of a new prospectus that deals with its concerns. The prospectus states that the company is scaling down its insurance broking business and will eventually merge with a Californian energy and technology company, Exergy Inc.

ASIC believed there was a lack of information relating to the implications for Insurance My Way, as the money was not raised and there were also concerns about Exergy.

Insurance My Way, which raised millions of dollars when it was formed several years ago, moved out of general insurance last year to concentrate on financial services. It wants to raise up to $375,000 through a share issue to be applied to working capital in an effort to provide a loan to Exergy, which would enable both companies to have enough working capital to complete the merger. The offer includes no minimum subscription or underwriting.