The Australian Securities and Investments Commission (ASIC) has released final estimates on the amount it expects to collect in levies from the financial services sector to fund regulatory work carried out in the last financial year.

The final Cost Recovery Implementation Statement (CRIS) says the insurance sector will pay a total levy of $67.008 million comprising of $55.225 million in cost recovery levies and $11.783 million in statutory duties, similar to figures flagged in a public consultation over draft levies.

ASIC does not provide a breakdown of the insurance sector’s contributions by type.

Claims handling, a new sub-sector in the CRIS, is expected to contribute about $804,069, similar to draft figures provided in the draft CRIS for the public consultation.

Insurance product providers will pay about $29.43 million in levies and insurance product distributors about $3.03 million, the CRIS statement says.

ASIC says final industry levies will be based on its actual regulatory costs and the business metrics submitted by entities in each subsector.

Final levies will be published in December and invoiced between January and March next year.

The ASIC industry funding model was introduced in April 2016, in response to the recommendation of the Financial System Inquiry (FSI) that the Government recover the cost of ASIC’s regulatory activities directly from industry participants through fees and levies calibrated to reflect the cost of regulating the different industry sectors.

Click here for the cost recovery statement.