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Modifications to Claims as a Monetary Service – LMI Group Absolutely Licensed – Prof. Allan Manning’s Weblog


Modifications to Claims as a Monetary Service – LMI Group Absolutely Licensed

Because the Monetary Sector Reform (Hayne Royal Fee Response) Invoice was handed on the tenth December 2020, the exemption that existed within the Companies Act 2001 (Cth) in respect of Claims Dealing with and Settling in Australia has been eliminated. As such these companies have grow to be a ‘monetary service’ as from the first January 2022.

Because of this corporations that put together claims, loss adjusting practices which have settling authority; and third occasion administration /claims administration firms are all required to have and keep an Australian Monetary Companies Licence.

LMI Group has held a Monetary Companies Licence (No. 283777) since 2003 as we offer a spread of companies to the insurance coverage and wider communities. As quickly because the adjustments to claims had been launched we had our licence prolonged in order that we’re authorised to carry out all Claims Dealing with and Settling Service actions.

This covers the next divisions:

  • LMI Claims Preparation;
  • LMI Forensic Accounting;
  • LMI Mining; and
  • Aequum Loss Adjusters

Whereas loss adjusting companies are technically exempt, we felt it vital to incorporate them for the conditions the place our shoppers entrust us with declare settlement authority.

Our Claims Administration Worldwide division, which continues to develop quickly, has its personal AFS Licence (No. 530887) in recognition of the specialist nature of this division.

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