Insurance House of Australia

A.S.I.C. at a glance

History

The Australian Securities and Investments Commission (ASIC) is an independent Commonwealth government body established by the Australian Securities and Investments Commission Act 1989. It began on 1 January 1991 as the Australian Securities Commission, to administer the Corporations Law. It replaced the National Companies and Securities Commission (NCSC) and the Corporate Affairs offices of the States and Territories.

In July 1998 it received new consumer protection responsibilities and its current name.
The role of ASIC
The Australian Securities and Investments Commission (ASIC) is one of three Commonwealth government bodies that regulate financial services. We are the single national regulator of Australia's 1.2 million companies.
ASIC:

protects investors, superannuants, depositors and insurance policy holders.

regulates and enforces laws that promote honesty and fairness in financial markets, products and services and in Australian companies

underpins the strength, growth and international reputation of Australia's financial markets

maintains a public database on Australia's 1.2 million companies to provide certainty in commercial dealings, and

works with other financial, consumer and law enforcement bodies in Australia and internationally.

The laws ASIC administers

ASIC administers the following legislation:

Corporations Act 2001(including the Corporations Regulations)

Australian Securities and Investments Commission Act 2001 (ASIC Act)

Insurance (Agents and Brokers) Act 1984

Insurance Contracts Act 1984

Superannuation (Resolution of Complaints) Act 1993.

ASIC also exercises consumer protection-related functions under the following legislation (prudential functions under these Acts are exercised by the Australian Prudential Regulation Authority):

Superannuation Industry (Supervision) Act 1993 (SIS Act);

Retirement Savings Accounts Act 1997 (RSA Act);

Life Insurance Act 1995;

Insurance Act 1973.

ASIC also has responsibility for administering various Regulations made under the legislation listed.