Difficulty obtaining Professional Indemnity Insurance for OMARA Registration because you live overseas? You are not alone.
Below is an extract from an email which perfectly sums up the issue:
"I am NZ full license immigration adviser (IAA no 00000000). I wish to take full license with MARA as well under the TTMR scheme.
As you must be aware under Section 292B of the Migration Act 1958 RMAs are required to hold Professional Indemnity Insurance to be eligible for a licence. However, I am having a hard time obtaining the indemnity insurance as I am based overseas.
I tried contacting several insurance providers in Australia including Biz Cover and all of them have a requirement of ABN. I further checked the requirement to obtain ABN & I noticed that the requirement to obtain ABN for an individual is if he is carrying an enterprise in Australia or is in the course of carrying an enterprise in Australia.
I am based in Mumbai India & I do not wish to open an office in Australia at the moment & hence I am having hard time obtaining professional indemnity insurance.
Hence I am writing this email to seek your help in obtaining a indemnity insurance without an ABN".
It would be really helpful if OMARA, the regulator, provided examples of insurance companies for overseas-based agents.
Can RMAs who live overseas please advise us which insurance companies you used to get your PI Insurance?
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