Announcement date - Link to announcement
26 February 2024 - Insurance Regulations 2024
26 February 2024 - Life Insurance Regulations 2024
26 February 2024 - Treasury Laws Amendment (Insurance) Regulations 2024
18 March 2024 - Insurance Acquisitions and Takeovers (Public Interest) Determination 2024
Problem being addressed
The Treasury note that under the Legislation Act 2003, the following Regulations are due to sunset in October 2023.
- The Insurance Regulations 2002 (made under the Insurance Act 1973)
- The Life Insurance Regulations 1995 (made under the Life Insurance Act 1995 (LI Act))
- The Insurance Acquisitions and Takeovers Act 1991 - Decision-Making Principles IDM 1/1992 (made under the Insurance Acquisitions and Takeovers Act 1991)
- The Insurance Acquisitions and Takeovers (Notices) Regulations (made under the Insurance Acquisitions and Takeovers Act 1991 (IAT Act)
Proposal
Treasury propose to remake the regulations without significant changes.
Assessed Impact Analysis outcome
Sunsetting instrument
Assessment comments
Consistent with the Government's Policy Impact Analysis requirements for sunsetting instruments, the Treasury has certified that the regulations are operating effectively and efficiently. Therefore, an Impact Analysis is not required for the remaking of the regulations.
Regulatory burden
No change in regulatory costs.