Australia Insurance Industry – Governance, Risk and Compliance

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Australia Insurance Industry Regulation Overview

The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investment Commission (ASIC) regulate the Australian insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), Financial Services Council (FSC), and Insurance Council of Australia (ICA).

The Australia insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·        Australian Prudential Regulation Authority (APRA)

·        Australian Securities and Investment Commission (ASIC)

·        International Association of Insurance Supervisors (IAIS)

·        Financial Services Council (FSC)

·        Insurance Council of Australia (ICA)

Compulsory Insurances ·        Motor Third-Party Liability Insurance

·        Aviation Liability Insurance

·        Marine Liability Insurance

·        Professional Indemnity Insurance

·        Social Security Insurance

Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax

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Australia Insurance Industry – Key Regulators and Legislation

Australian Prudential Regulation Authority (APRA): The APRA is responsible for the supervision and regulation of the insurance industry in Australia. It functions as a public agency funded mostly by the industries that it supervises. APRA plays a vital role in protecting the rights and interests of policyholders, provides quality assurance, conducts analysis to resolve issues, helps reduce systemic risks, and prevents criminal activity within the industry.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

Some of the laws regulating the Australia insurance industry are:

  • Insurance Act 1973
  • Life Insurance Act 1995
  • Insurance Contracts Act 1984
  • Life Insurance Code of Practice 2023
  • Health Insurance Act 2007: Health segment prudential regulation
  • Corporations Act 2001: Intermediary regulation

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Australia Insurance Industry - Compulsory Insurance

Some of the compulsory insurances required within the Australia insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Compulsory Insurances in Australia

Compulsory Insurances in Australia

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Australia Insurance Industry - Company Registration and Operation

A license is required to operate in the Australia insurance industry. The Life Insurance Act of 1995 and Private Health Insurance Act of 2007 mandate life insurers to obtain a license to operate in Australia. Meanwhile, the Insurance Act of 1973 mandates non-life insurers to obtain a license. Additionally, it is mandatory for insurers to obtain a Financial Service license from ASIC in addition to an APRA license to sell insurance products to retail customers. The Insurance Authority does not allow reinsurers to operate in the country without obtaining authorization from APRA but foreign reinsurers are permitted to operate without a license.

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Australia Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Australia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: The Australian Taxation Office, States and Territories Revenue Offices, and Foreign Investment Review are responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration. Corporate taxation is imposed on a company’s distributed profits. Resident companies are taxed on their worldwide income, while non-resident companies are taxed only on their Australia-sourced income. Branches of foreign companies are taxed the same as resident companies. Life insurance companies, mutual companies, and cooperative firms are subject to different corporate income tax rates.

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This report provides:

  • Details of the insurance regulatory framework in Australia
  • Details of the rules and regulations governing insurance products and insurance entities
  • Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
  • Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
  • Details of the taxation imposed on insurance products and insurance companies

Key Highlights

  • The Australian Prudential Regulatory Authority and the Australian Securities and Investment Commission regulate the Australian insurance industry.
  • Non-admitted insurance is not permitted in Australia
  • Composite insurance is not permitted in Australia
  • Insurance premium tax is not imposed but stamp duty is enforced and regulated by each individual state.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Australia.
  • Track the latest regulatory changes and expected changes impacting the Argentine insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance products.

Table of Contents


    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance
    • 1.3. Non-Admitted Insurance Regulations
    • 1.4. Company Registration and Operation

      • 1.4.1. License
      • 1.4.2. Foreign Direct Investment / Ownership
      • 1.4.3. Minimum Capital Requirements
      • 1.4.4. Solvency Margins
      • 1.4.5. Reserve Requirements
      • 1.4.6. Statutory Return Requirements
      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium
      • 1.5.2. Corporate Income Tax
      • 1.5.3. Corporate Capital Gains Tax
      • 1.5.4. Value Added Tax

    • 1.6. Legal System
    • 1.7. Policy Practice

  • 2. About GlobalData
  • 3. Contact Us


Australia – Workmen’s Compensation

Australia – Non-Admitted Insurance Regulatory Framework

Australia – Capital Requirement for Insurers in Each Province and Territory

Australia – Non-Admitted Insurance Exception

Australia – Solvency Margin Requirements for Federally Regulated Insurance Companies

Australia – Long-Term Ratings for Life Insurance Companies

Australia – Short-Term Ratings for Life Insurance Companies

Australia – Fees Applicable for Insurers Operating in Quebec

Australia – Fire brigade charge

Australia – Corporate Tax Rates for the Financial Year 2023

Australia – Provincial corporate income tax – 2023

Australia – Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Australia – Workmen’s Compensation


List of Tables

Australia – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

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