8 April 2021 - ASIC warns time is fast running out for insurance claims handling AFS licence applications

Deputy Chair, Karen Chester said ‘Time is running out for firms to lodge their applications with ASIC. To date we’ve received fewer than 15 applications for the new claims handling and settling service. ‘We are concerned that firms are running the risk of not submitting a complete application in time to get the benefit of the legislated transition period. Firms need to submit an application no later than 7 May 2021. Failing to do so poses a real risk that these firms will have to stop providing claims handling and settling services after 30 June 2021.’

Since 1 January 2021, claims handling and settling is a financial service which requires a licence by 1 January 2022.

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