As previously advised, the NSW Emergency Services Levy on insurance premiums will be abolished from 1 July 2017, and insurers have now started a transition program to remove the levy over the next 12 months.
The Emergency Services Levy Insurance Monitor will be reviewing the experience of consumers over the next 18 months, with the aim of ensuring the full benefit of the removal of the levy is passed on.
Draft guidelines now available
The Monitor has issued draft guidelines in relation to what constitutes prohibited price exploitation, and what constitutes engaging in false and misleading conduct. While the guidelines are primarily directed at insurers, they will apply to brokers who place business overseas. Brokers also need to ensure they do not make false and misleading statements regarding the removal of the levy on premiums and the new property levy.
The draft guidelines are available here.
NIBA to review proposed NSW Emergency Services Levy Reforms
NIBA is carefully reviewing the draft guidelines, and will respond to the Monitor if any concerns arise. We would like to hear from members who have concerns about this: please forward your comments or concerns to NIBA CEO Dallas Booth – email@example.com