New rules for foreign insurers in Australia: Bill introduced

The Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton MP has introduced the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Bill 2007 into Parliament.   

Under the Bill, foreign insurers providing general insurance products in Australia either directly or through the actions of another (for example, an insurance agent or broker) will be required to be authorised by the Australian Prudential Regulation Authority, and comply with Australia’s risk-focused prudential framework.

UPDATE: The Senate Economics Committee Report is due on 31 July 2007

Background