Foreign insurers and captives : licensing and prudential supervision

The introduction of a new financial services regulation in 2001, which introduced stringent rules governing the provision of financial services, especially the need to be licensed by the Australian Securities and Investments Commission (ASIC), has had an impact on foreign insurers operating in Australia. The rules affecting entities providing financial services have become more complex in the last few years. This article provides guidance in and insight into the functioning and practical application of the new rules.