Friendly societies carrying on life insurance business

No. AFSL deals with the relevant financial services permissions; APRA deals with banks and underwriting liabilities subject to prudential regulation. First determine who bears the obligation to repay funds and meet payment obligations under policies, then obtain the required authorisations separately. RSE trustees will also generally need an AFSL coordinated with their RSE licence; it is not a choice between the two.ASIC INFO 86

No. General insurance usually requires a prescribed capital amount of five million; life insurance currently requires ten million overall; PHI requires five million for each health benefits fund. New ADI, restricted ADI and PPF each have different formulas, while RSE and RSA use different measurement bases. These figures are not interchangeable with paid-up share capital or NTA figures.

This cannot be summarised in this way. The 2021 new entrant framework still linked from the current APRA page generally requires the higher of fifteen million and expenditure for the next nine months before a full ADI is granted. For applicants with significant existing business, the amount is agreed case by case; PCR and a buffer apply thereafter. The bank’s designation, capital standards, actual business and case-specific conditions must all be confirmed; the old blanket claim of fifty million should not be carried forward.

No. The restricted pathway is limited to two years and requires transition to a full framework or an orderly exit; limited-customer and deposit conditions apply as set out in the licence. The 2026 consultation reforms remain proposals on the official pages reviewed, so it cannot be said that the restricted ADI has been abolished, nor can the proposed new process be used in advance.

No. The usual 90 days for APRA refers to a decision after a substantially complete or final application; the process from initial lodgement to completeness may take 12–18 months. RSE has a statutory period of 90 days, extendable by up to 30 days; PHI has a 90-day deemed-refusal mechanism and a reset when further information is requested; RSA has a 60-day period, extendable by a further 60 days. Commercial preparation and other regulatory processes are not included in a single clock.

No guarantee can be given. An acquisition requires checks of change-of-control approval, capital, historical liabilities, key personnel and systems. The existing licence remains with the original entity and remains subject to its conditions; a business or asset sale does not automatically transfer the licence. New products, capital reductions or restructuring after the transaction may require separate approval, and ACCC and foreign investment screening must also be completed before closing.

It depends. The regime covers applicable ADI, general insurers, life insurers and their holding companies; aggregate stakes must be traced through and assessed together with associates. RSE uses the SIS Act to require specific approval for a controlling stake, and PHI fund transactions have a separate health insurance mechanism. RFC, ordinary lending or state pawnbrokers are not automatically subject to the same threshold merely because of that registration status.

This cannot replace genuine governance. A company may lawfully use a third-party entity’s office address as its registered office, with consent recorded, but APRA also examines local director/management arrangements, genuine operations, systems and access for oversight. CPS 510 and RSE’s SPS 510 differ in Australian residency and director composition requirements; each must be met separately, and a nominal arrangement is not sufficient.

No. An RSA applicant must be an eligible constitutional corporation, such as ADI, a life company or a specified financial institution. The form requires NTA information and product-readiness evidence from the CEO/chair, but the form does not verify a separate, uniform RSA minimum NTA amount; the underlying licence and capital must still be in place.

No. APRA explicitly states that RFC is a non-bank financing data registration for entities meeting FSCODA requirements, distinct from prudentially supervised institutions. Current screening of relevant assets/financing is based on the full criteria, including the fifty million threshold, not the old five million minimum capital requirement; registration cannot be promoted as banking or insurance authorisation.

The Treasury and RBA 2026 reports reviewed for this guide still describe Tranche 1 as a draft/proposed reform; no final, generally applicable new licence that has passed and commenced has been verified. This guide continues to distinguish current PPF, AFSL, RBA declarations and AUSTRAC obligations; any future regime must be updated according to its actual commencement and transitional provisions.

This should not be interpreted that way. For consumer credit, the primary question is whether there is a ASIC ACL or a valid representative/exemption; certain state-based businesses, such as pawnbrokers, have additional rules. For example, a NSW pawnbroker needs a state licence and must declare its goods premises; this does not authorise it to provide all loans or automatically permit it to operate throughout Australia.

No. The byline is Drew Tang (Mr Tang/Drew), Rengangyongsheng (Hong Kong) Limited business manager, in English Rengangyongsheng (Hong Kong) Limited. This is a client guide, not a document from a regulatory authority, and it does not claim that the named person or company holds the licences described, is accredited or guarantees client approval.