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GROUP PURCHASING BODIES – THE POWER, PROS AND CONS. 06 Mar 2020
A group purchasing body (GPB) arranges or holds insurance or risk cover for its members. They don’t have to meet some legal requirements (like holding an AFSL) but with these benefits come certain constraints. What do GPBs do? A GPB is anyone who arranges or holds insurance or risk  ..
ROYAL COMMISSION RESPONSE: DEFERRED SALES MODEL FOR ADD-ON INSURANCE. 28 Feb 2020
After two separate consultation papers on the deferred sales model (DSM) for add-on insurance, Treasury has released an exposure Draft Bill, exposure Draft Regulations, an Explanatory Memorandum and an Explanatory statement. In our latest blog (https://www.finity.com.au/2020/02/27/deferred- ..
MARKET TRENDS: WHY TERM SHEETS ARE IMPORTANT AND WHAT TO INCLUDE IN YOURS. 30 Jan 2020
A well-drafted term sheet can save time and money when negotiating a sale agreement. Why do you need a term sheet? Term sheets are an important step to include in your transaction timeline. They set the foundations upon which the transaction agreement is based. It can prevent ..
ROYAL COMMISSION RESPONSE: CLAIMS HANDLING AS A REGULATED FINANCIAL SERVICE. 19 Dec 2019
Draft legislation on how ASIC will regulate claims handling has now been released by Treasury. Many businesses that handle and settle claims will need to be licensed as an AFS Licence holder or authorised representative by 1 July 2020. In the latest blog (https://www.finity.com.au/2019/12/ ..
STAMP DUTY – BE AWARE, BE PREPARED. 12 Dec 2019
Often the last thing on a Buyers mind when completing a new acquisition is the need to pay stamp duty. But pre-transaction, when buying assets such as a new client portfolio or book/list, stamp duty is assessed based on the location of the assets purchased and the purchase price paid. Genera ..
WILL A DEFERRED SALES MODEL SPELL THE END FOR ADD ON INSURANCE? 25 Nov 2019
The Royal Commission recommended that Treasury lead a working group to develop an industry-wide deferred sales model (DSM) to be implemented as soon as possible. The situation so far Treasury released a Proposal Paper which proposed an industry-wide 4-day DSM with three tiers of regulat ..
INSURANCE ALTERNATIVES: PART 4: DISCRETIONARY MUTUALS. 19 Nov 2019
In our final post in this series on insurance alternatives, we outline the ultimate peer-to-peer insurance alternative – discretionary mutuals. What is a discretionary mutual? A discretionary mutual is a structure that offers discretionary risk protection to its members. Discretion ..
INSURANCE ALTERNATIVES: PART 3: AGGREGATE DEDUCTIBLE FUNDS. 04 Nov 2019
Aggregate deductible funds (ADFs) are becoming a more common type of insurance alternative for buying groups who are looking for new ways to manage their risks. What is an aggregate deductible fund? An ADF is a self-insurance pool that is often used by corporate or community group ..
INSURANCE ALTERNATIVES: PART 2: PARAMETRIC INSURANCE. 11 Oct 2019
Following on from our last post (https://www.thefoldlegal.com.au/blog/the-rise-of-insurance-alternatives-part-1-an-overview) about insurance alternatives, in this post we outline what parametric insurance is and how it can help you in a hardening insurance market. What is parametric insuran ..
THE RISE OF INSURANCE ALTERNATIVES: PART 1: AN OVERVIEW. 01 Oct 2019
The insurance market is hardening which means customers can’t always find traditional insurance solutions for their risk. This has increased demand for insurance alternatives with greater flexibility and a wider range of solutions for ‘hard to place risks’. This is the first in a four part  ..
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