INFO 132
Applying for a credit licence: Details of professional indemnity insurance
This is Information Sheet 132 (INFO 132). It is for credit licence applicants.
In plain English
INFO 132 explains professional indemnity insurance requirements for those applying for an Australian credit licence.
INFO 132 is for applicants seeking an Australian credit licence (ACL) or an Australian Financial Services Licence (AFSL) that includes credit. It details the professional indemnity insurance (PII) requirements. Applicants must hold adequate PII. The insurance must cover the risks associated with providing credit services. ASIC provides this information sheet to help applicants meet these requirements. This information sheet is not dated, so it is assumed to be current.
Why it matters
Credit licensees need professional indemnity insurance to protect themselves and consumers. This guidance from ASIC clarifies the insurance details you must provide when applying for a credit licence. Failing to meet these requirements can impact your application.
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Source: https://www.asic.gov.au/for-finance-professionals/credit-licensees/applying-for-and-managing-your-credit-licence/applying-for-a-credit-licence-details-of-professional-indemnity-insurance/. Rules Mate indexes + summarises; always verify against the regulator's live publication.