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    Home»Insurance»ASIC’s final statement defines levies for cost recovery – Regulation & Government – Insurance News
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    ASIC’s final statement defines levies for cost recovery – Regulation & Government – Insurance News

    October 24, 20222 Mins Read
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    ASIC final statement defines levies for cost recovery

    October 24, 2022

    The Australian Securities and Investments Commission (ASIC) has released final estimates of how much it expects to collect in levies from the financial services sector to fund regulatory work carried out over the past financial year.

    The Final Cost Recovery Implementation Statement (CRIS) states that the insurance industry will pay a total levy of $67.008 million, comprising $55.225 million in cost recovery levies and $11.783 million in statutory fees, similar to the figures reported during a public consultation on the draft levies.

    ASIC does not provide a breakdown of insurance industry contributions by type.

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

    Insurance product suppliers will pay about $29.43 million in taxes and insurance product distributors about $3.03 million, the CRIS statement said.

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

    The final direct debits will be published in December and invoiced between January and March of next year.

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

    Click on here for the cost recovery statement.

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