Overseas Insurers Now Require Federal Approval

Mar 2008 |

The Federal Government has passed amending legislation to the Insurance Act 1973 which will require direct offshore foreign insurers (DOFIs) to obtain authorisation to write insurance for Australian insureds or cease operating in the market as of 1 July 2008. These amendments are set to change the shape of the global reinsurance market.

by Mark Brookes, Partner | mbrookes@carternewell.com

and Allison Stead, Solicitor

Newsletter, March 2008