Insurance and Superannuation Commission
ISC
1987 – 1 July 1998
Regulator of life and general insurance companies and of occupational superannuation funds, responsible for prudential supervision and for compliance with superannuation standards.
How it came into existence
Established in 1987 under the Insurance and Superannuation Commissioner Act 1987 (assented 5 November 1987, commencing on proclamation), which created the office of Insurance and Superannuation Commissioner to take over the roles of the Life Insurance Commissioner and the Insurance Commissioner. It also became the supervisor of superannuation funds under the Occupational Superannuation Standards Act 1987.
- Supervision of life insurance companies
- Supervision of general insurers
Legislation: Insurance and Superannuation Commissioner Act 1987; Occupational Superannuation Standards Act 1987; Insurance Act 1973; Life Insurance Act 1945
Changes during its life
- 1994Began administering the Superannuation Industry (Supervision) Act 1993, which replaced the occupational superannuation standards regime.
How it ended
Abolished on 1 July 1998 following the Wallis Inquiry: its prudential supervision functions went to the Australian Prudential Regulation Authority and its consumer protection functions to the Australian Securities and Investments Commission.
- Prudential supervision of life and general insurers
- Prudential supervision of superannuation funds
- Consumer protection for insurance and superannuation
Main functions
- Prudential supervision of life insurers
- Prudential supervision of general insurers
- Supervision of superannuation funds
- Administration of superannuation industry standards
Where it sits
Last in the portfolio of Department of the Treasury.
Lineage
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Sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.