27/09/2023
An insurance broking business must understand many Acts to hold a licence.
The Act have attached fines and penalties.
This is important when setting ‘contingency reserves’ needed and when reviewing ‘risk management’ & 'compliance'.
Most laws relate to core business services and make good sense.
We addressed what we could in our paperless practice management software that we built in-house [see https://brokermaster.au ].
The Corporations Act, Financial Services Reform Act [includes the old Insurance Contracts Act], Privacy and Anti Hawking, make good sense.
But what ‘documented processes and procedures’ can keep Acts like the S*x discrimination act; anti-money laundering, domestic violence, Modern Slavery and the ever-growing list, in our daily attention span?
They are considered by many to be just ‘red tape’ that detracts from core obligations and service delivery.
Surely the common sense of staff following training should be sufficient in a civilised society, without the threat to the business licence and fines?
Are you aware of laws that have ever been used to hold politicians, who passed these laws, to account?
