Compliance & Governance FAQs

How does WeatherIt ensure regulatory compliance?

WeatherIt products operate within the Australian insurance regulatory framework:

flowchart TB
 subgraph Framework["Regulatory Framework"]
 direction LR
 A["Underwritten by<br/>MSI (Mitsui Sumitomo)"]
 B["Distributed under<br/>Australian/NZ frameworks"]
 C["WeatherIt holds<br/>compliance responsibility"]
 end

 style A fill:#e1f5ff
 style B fill:#e1f5ff
 style C fill:#e1f5ff

Responsibility Split

Responsibility	Who
Product design	WeatherIt
Underwriting arrangements	WeatherIt & MSI
Trigger assessment	WeatherIt
Payouts and complaints	WeatherIt
Accurate representation	Partners
Approved marketing language	Partners
Appropriate escalation	Partners

Are partners required to hold an AFSL?

No. Partners do not need to hold an Australian Financial Services Licence (AFSL) to distribute WeatherIt.

flowchart LR
 A[Partners] --> B[Distribute Under<br/>WeatherIt Framework]
 B --> C[No AFSL<br/>Required]

 D[WeatherIt] --> E[Holds Compliance<br/>Responsibility]

 style A fill:#e1f5ff
 style B fill:#fff4e1
 style C fill:#e8f5e9
 style D fill:#f3e5f5
 style E fill:#f3e5f5

Why No AFSL Is Needed

Reason	Explanation
Distribution framework	Partners distribute under WeatherIt's framework
Not insurers	Partners don't act as insurers
Not claims handlers	Partners don't make claims decisions

Compliance Requirements Still Apply
While no AFSL is required, partners must comply with:

Distribution conduct expectations

Approved processes and training

Marketing language guidelines

What are Design and Distribution Obligations (DDO)?

Australian regulations require product issuers to:

Define who the product is designed for (target market)
Ensure distribution is consistent with that design
Monitor distribution practices over time

flowchart TB
 A[DDO Framework] --> B[Target Market<br/>Definition]
 A --> C[Distribution<br/>Alignment]
 A --> D[Ongoing<br/>Monitoring]

 style A fill:#e1f5ff
 style B fill:#e8f5e9
 style C fill:#e8f5e9
 style D fill:#e8f5e9

What This Means for Partners

DDO Aspect	Partner Implication
Target market	Offer WeatherIt to appropriate customers
Distribution alignment	Follow approved processes
Monitoring	Support oversight activities

What if we want to change how we market WeatherIt?

All marketing materials must be approved by WeatherIt before use:

flowchart LR
 A[Marketing<br/>Change] --> B[Submit to<br/>WeatherIt]
 B --> C[Review &<br/>Approval]
 C --> D{Approved?}
 D -->|Yes| E[Use New<br/>Materials]
 D -->|No| F[Revise &<br/>Resubmit]

 style A fill:#e1f5ff
 style B fill:#fff4e1
 style C fill:#f3e5f5
 style D fill:#fff4e1
 style E fill:#e8f5e9
 style F fill:#ffebee

Do	Don't
Use approved materials	Create unapproved content
Submit changes for review	Modify approved language
Follow branding guidelines	Make product claims not supported by terms

What training do our staff need?

Staff involved in offering or supporting WeatherIt should understand:

Knowledge Area	Level Required
What WeatherIt is	All customer-facing staff
How to explain it	All customer-facing staff
What they can/can't say	All customer-facing staff
Escalation process	All customer-facing staff
Detailed product terms	Not required—refer to WeatherIt

Training Materials Provided
WeatherIt provides training materials and guidance during onboarding. Refresher training may be recommended as products or processes evolve.

What regulatory bodies oversee WeatherIt?

Key Australian regulators:

Regulator	Focus
ASIC	Consumer protection, conduct, disclosure
APRA	Prudential regulation of insurers

Partner Protection
Partners don't engage directly with regulators. WeatherIt manages all regulatory relationships and compliance obligations.

Compliance is WeatherIt's responsibility—but partners play an important supporting role. Following approved processes protects everyone.