Financial services utility APIR Systems has expanded its capabilities to include the Australian insurance sector, with insurers now able to apply for an APIR code for their products.
According to APIR chief executive, Chris Donohoe, the development is a natural extension of the existing identifier regime and aligns insurance products with other parts of the wealth industry.
“We have been fortunate to be able to leverage off our existing technology infrastructure, which will be to the benefit of new insurance clients,” he said.
“We’ve been in discussions with major life insurers about adopting our standard identifier for insurance products for some time, so it is pleasing the functionality is now live and operational, with some insurers having already begun the registration process.
Mr Donohoe said the new functionality co-incides with the upcoming launch of ASICs new Design and Distribution Obligations (DDO) legislation, which include new reporting and Target Market Determination (TMD) requirements.
From 5 October this year, product issuers and distributors – including those in insurance - will need to ensure products are suitable for the market being distributed to.
“Product identifiers will assist in facilitating the obligations set out in the DDO legislation by eliminating potential reporting ambiguities, including nil reports, between the various parties. The fact that we now have a unique code for these products will also result in a seamless, efficient integration at the back end.” he said.
Additionally, he said the product issuers will be able to store TMDs in APIRs recently launched TMD repository.
“Since the July launch, APIR has seen a steady take up of the service from its existing clients,” he said.
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