Lack of transition legislation on Victoria FSL continues to cause confusion and concern

As if the huge amount paid out by insurers and underwriting agencies due to the spate of natural disasters in Australia and New Zealand has not been enough disencentive for Lloyd’s and insurers in general to do business in Australia, we now have the ongoing problem of being 6 weeks into the so-called transition year for the removal of the fire service levy in Australia, and we still do not have any idea of the final legislation.

The following notice has been issued by the Lloyd’s Market Association to their members doing business in Australia.

http://www.lmalloyds.com/Web/News_room/LMA_bulletins/LMA_Bulletin_2012/LMA12-014-KJ.aspx

Hopefully with parliment resuming this week, this festering problem will be resolved quickly and fairly.

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