ASIC has provided ongoing relief for Group Purchasing Bodies who arrange or hold risk management products for the benefit of third parties.
Group Purchasing Bodies include sporting and other not-for-profit organisations which arrange insurance for third parties, such as players and volunteers.
The relief was due to end on 30 June 2016, but has been extended for a further 12 months to 30 June 2017.
Ongoing NIBA representation for Group Purchasing Bodies
NIBA will continue to urge the new Federal Government to resolve the outstanding issues relating to Group Purchasing Bodies.
The legislative instrument extending the period of relief is the ASIC Corporations (Amendment) Instrument 2016/513, which is available at www.legislation.gov.au.