UFI Placement Checklist
This checklist has been developed to ensure that we comply with our obligations under the
Insurance Act 1973, the Corporations Act 2001 and the Insurance Brokers Code of Practice
whenever placing insurance with an Unauthorised Foreign Insurer (UFI).
Check local markets for pricing, coverage, excesses and exclusions (attach quotes)
Check UFI for pricing, coverage, excesses and exclusions (attach quotes)
Is placement eligible for UFI Exemptions
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Total group gross operating revenue in Australia of $200 million or more
Total group gross assets in Australia of $200 million or more
Total group employees in Australia of 500 or more.
Nuclear
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War
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Terrorism
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Satellite or space
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Biological risk
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Medical clinical trials
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Aviation liability
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Shipowners’ protection and indemnity other than for pleasure crafts
 *Lack of market capacity; e.g. (no authorised insurer will write whole risk)
 *Material difference in price; e.g. minimum $500 or 20% of premium whichever is greater
 *Material difference in non-price terms and conditions
 *Material benefits from continuity of an ongoing relationship between client/insurer.
Attach copies of all supporting documentation relied upon to support exemption. For exemptions
asterisked there will need to be a comprehensive review provided of all insurers canvassed,
specific confirmation of lack of coverage or detailed relationship analysis. Minor and insignificant
coverage extensions should not be used to rely on an exemption.
Placement approved and signed off by Responsible Manager
UFI notice supplied to client and signed by client
Broking computer records flagged to identify UFI placement
Invoice documentation includes UFI risk overview
Overseas Tax / Stamp Duty and Fire Brigade collection / payment processes implemented if no
Australian based intermediary involved.
Staff member handling placement
_____________________________________
Signature of Staff member handling placement
_____________________________________
Date
____ / ____ / ______
Responsible Manager Signature
_____________________________________
Date
____ / ____ / ______
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