Federal Register of Legislation - Australian Government

Primary content

Regulations as made
These regulations amend the ASIC Supervisory Cost Recovery Levy Regulations 2017 to allow the Australian Securities and Investments Commission to recover costs from its regulation of activities undertaken by people who handle insurance claims.
Administered by: Treasury
Registered 22 Feb 2021
Tabling HistoryDate
Tabled HR23-Feb-2021
Tabled Senate24-Feb-2021
To be repealed 25 Jun 2021
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

ASIC Supervisory Cost Recovery Levy Amendment (Claims Handling and Settling Services Providers) Regulations 2021

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 18 February 2021

David Hurley

Governor‑General

By His Excellency’s Command

Josh Frydenberg

Treasurer

 

 

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

ASIC Supervisory Cost Recovery Levy Regulations 2017                                                             2

 


1  Name

                   This instrument is the ASIC Supervisory Cost Recovery Levy Amendment (Claims Handling and Settling Services Providers) Regulations 2021.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day after this instrument is registered.

23 February 2021

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the ASIC Supervisory Cost Recovery Levy Act 2017.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

ASIC Supervisory Cost Recovery Levy Regulations 2017

1  At the end of Subdivision 6.3 of Part 3

Add:

72AA  Claims handling and settling services providers

             (1)  A leviable entity forms part of the claims handling and settling services providers sub‑sector in a financial year if:

                     (a)  the entity holds, at any time in the financial year, an Australian financial services licence; and

                     (b)  the licence authorises the holder to provide claims handling and settling services.

Levy component

             (2)  The amount of a leviable entity’s levy component in respect of the sub‑sector for a financial year is the sum of:

                     (a)  the minimum levy component for the sub‑sector; and

                     (b)  the graduated levy component for the entity for the sub‑sector.

Note:          For the graduated levy component, see section 10.

Entity metric

             (3)  The leviable entity’s entity metric for the sub‑sector for the financial year is the number of claims under insurance products in relation to which the entity provides claims handling and settling services in the financial year.

             (4)  The minimum levy component for the sub‑sector is $500.

2  In the appropriate position in Part 5

Insert:

Division 2Application provisions relating to the ASIC Supervisory Cost Recovery Levy Amendment (Claims Handling and Settling Services Providers) Regulations 2021

76  Application of amendments

                   The amendments to this instrument made by Schedule 1 to the ASIC Supervisory Cost Recovery Levy Amendment (Claims Handling and Settling Services Providers) Regulations 2021 apply in relation to the 2021‑22 financial year and later financial years.

3  Schedule 1 (after table item 2A)

Insert:

 

2B

Claims handling and settling services providers

section 72AA