Discretionary Mutual Fund Review
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) will review the Australian Amusement, Leisure and Recreation Association's (AALARA) proposal to establish a Discretionary Mutual Fund (DMF) as a potential practical solution to the critical and immediate need for continuing insurance. This will build on the Ombudsman’s previous inquiry and include significant engagement with industry. The final report is expected to be completed by August 2021.
Following ASBFEO's 2020 inquiry into the insurance market for small businesses, our office has been approached by a number of business sectors still unable to secure insurance coverage. The 2021 Budget partially implemented recommendation 8 from our Insurance Inquiry, by establishing a reinsurance pool for cyclone and flood coverage in Northern Australia. ASBFEO is continuing to investigate other options to ensure insurance coverage for all small businesses.
Terms of Reference (115KB)