You will require this authorisation if you operate a company intending to carry on general insurance business in Australia. It allows a company to offer liability by way of insurance for clients loss or damage, including paying damages or compensation.
This does not include life insurance, superannuation pensions or payments received after death or retirement, or any benefits offered by friendly societies or trade unions for their members.
Please be aware that if you provide home and / or contents insurance you must provide a key facts sheet to prospective clients. This key facts sheet must contain:
- what events are covered by the contract
- the maximum level these events are covered to
- any excesses that may apply
- details of the cooling-off period.