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Trading rights in Australia

Lloyd's Permissions

Licenced (Excluding Life)

Restrictions: Certain compulsory classes of insurance. (See Crystal for full list) 

Where Lloyd’s is licensed for a compulsory class it is recommended to issue a local policy.  

Doing multinational business in Australia

Only 'retail' customers (as defined by the Corporations Act) are required to have a local policy issued in Australia. The definition takes into account the policyholder and product line. A client who does not qualify as a retail client will be a wholesale client.

If the business falls within the definition of retail insurance, it can only be written onshore under a binder with a licensed coverholder based in Australia.

Key information


Lloyd’s registered brokers can bring risks to the underwriters in Lloyd’s market on behalf of these clients and this business can be written on a cross-border basis.

The Corporations Act 2001 (Cth) (Corps Act) requires that those providing financial services either obtain a licence to do so or show that they fall under one of the exemptions that apply. The Corps Act applies to all types of general insurance policies provided in Australia and may affect intermediaries operating inside or outside Australia. For detailed information on this legislation please see Distribution Channel section on Crystal


With the exception of policy or certificate wordings prescribed by law (e.g. compulsory motor bodily injury liability, workers’ compensation and aircraft passenger liability) there are no restrictions on the use of wordings in Australia. See policy wordings checklist for guidance.  Insurance policies are also subject to Unfair Contracts Terms legislation.

However there are elements that must be included in a local policy. Retail policies must also include a product disclosure statement.


Claims can be paid locally.

All claims relating to a retail policy must be managed by a local DCA or Coverholder with an Australian Financial Services License (AFSL). This also applies to open market policies where the claimant is a retail client e.g. a group accident & health policy.


These country profiles and Crystal are provided for information purposes; they do not constitute solicitation of business and are not intended to be a substitute for appropriate professional advice.