The Australian Securities & Investments Commission (ASIC) has cancelled Migration Cover Pty Ltd’s Australian financial services (AFS) licence.
“ASIC found that Migration Cover failed to lodge its 2019 annual accounts and maintain membership with the Australian Financial Complaints Authority,” noted the regulator. “ASIC also found that Migration Cover was no longer carrying on a financial services business.”
The New South Wales provider came to life in 2015 to cater to skilled migrants in Australia and New Zealand.
Underwritten by certain underwriters at Lloyd’s of London, Migration Cover’s policies covered repatriation costs in the event of involuntary redundancy, long-term unemployment, or when a member of the migrant’s family back home is ill or injured.
ASIC added: “The cancellation of Migration Cover’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.”
The insurance provider may apply for a review of the decision through the Administrative Appeals Tribunal.