Australia Insurance Industry – Governance, Risk and Compliance

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

$950
Buy Report View Sample

Published: August 14, 2023 Report Code: GDIS0076RR-ST

Select Item

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
Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

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

Buy the Full Report for More Insights on Key Regulators in the Australia Insurance Industry

Download a Free Report Sample

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

Buy Full Report for More Compulsory Insurance Insights into the Australia Insurance Industry

Download a Free Report Sample

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.

Buy the Full Report to Learn More About Company Registration and Operation in the Australia Insurance Industry

Download a Free Report Sample

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.

Buy the Full Report to Learn More about the Taxation Policies in the Australia Insurance Industry

Download a Free Report Sample

Scope

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. AUSTRALIA

    • 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

Table

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

Figures

List of Tables

Australia – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

Australia Insurance Industry – Governance, Risk and Compliance standard reports
Currency USD
$950

Can be used by individual purchaser only

Most Popular
$1,425

Can be shared by unlimited users within one corporate location e.g. a regional office

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Australia Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

 Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

 Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

 Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

 Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

 Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

 Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

 Senior Account Manager, TSYS

Related reports

View more Insurance reports
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Financial Services
New
Global Risk Report Quarterly Update - Q1 2024
$1,100 | April 2024
Financial Services
New
United Kingdom (UK) Private Landlord Insurance Market Analysis and Competitive…
$3,450 | April 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Australia Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live Australia Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.
Tell me more