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
