PI Renewal Window Approaching?

Solo AFSL holders must maintain adequate PI insurance under the Corporations Act 2001 (Cth). RG 126 requires an annual review of their PI insurance adequacy - confirming limits reflect current revenue, service and risk exposure — get it done efficiently.
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WHO THIS IS FOR

Built for self-licensed independent financial advisors approaching their annual PI insurance review.

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Solo AFSL Holders

Independent advisors who hold their own licence and are personally responsible for maintaining PI cover under Section 912B.

New AFSL Holders (Post-2020)

Recently licensed advisors whose PI anniversary closely aligns with their AFSL issue date — often price-sensitive and open to digital options.

Financial Planners (Sole Practice)

Self-employed planners running their own practice without a dealer group — PI adequacy is their direct responsibility.

June / December Renewal Windows

The tightest months in the PI market. Starting early improves options, pricing and documentation timing.
The Compliance Requirement

PI insurance is a legal obligation for AFSL holders serving retail clients — reviewed annually under RG 126.

Under Section 912B of the Corporations Act, AFSL holders must maintain adequate PI insurance. ASIC's Regulatory Guide 126 requires an annual adequacy review. ASIC may impose conditions on or, in serious cases, cancel a licence where PI obligations under are not met.

Professional Indemnity

Covers civil claims alleging negligence in providing financial advice — including legal defence costs and potential settlement.

e.g. Client claims advice led to financial loss — PI covers defence and settlement.

Investigation Costs

Covers legal costs responding to an official body investigation — including ASIC inquiries or AFCA dispute resolution.

e.g. ASIC investigates a complaint — investigation costs cover your legal response.

Annual Adequacy Review (RG 126)

ASIC requires licensees to review PI adequacy at least annually — confirming limits reflect revenue, services and risk exposure.

e.g. Revenue has grown — limits may need to be reviewed upward.

Without adequate and current PI cover, AFSL holders risk:

ASIC licence cancellation
Unable to serve retail clients
Unlimited personal liability (sole trader)
Gaps in cover during policy transition
ANNUAL REVIEW READINESS

The PI renewal process doesn't have to be slow, opaque or stressful.

Traditional PI renewal for financial advisors often involves lengthy proposal forms, back-and-forth underwriting, and limited visibility on policy wording — all under time pressure when the anniversary is close.

Without structured insurance support

Lengthy proposal forms and slow underwriting
Opaque pricing with unclear broker fee structures
Limited transparency on policy wording differences
Documentation delays in tight June/December windows
Uncertainty whether limits satisfy RG 126 adequacy

With upcover

Streamlined digital quote process — typically minutes
Transparent pricing with clear disclosure of remuneration
Policy limits, sub-limits and exclusions clearly presented
Certificates of Currency issued digitally once cover is bound
Structured renewal reminders before anniversary
why upcover

Digital-first PI insurance built for solo AFSL holders.

PI Up to $10m – Professional indemnity limits structured to reflect the revenue and risk profile of independent financial advisors.

Transparent Pricing – Clear disclosure of insurer premium and broker remuneration. No hidden add-ons after binding.

Instant Certificate of Currency – Policy documentation issued digitally once cover is bound — available for ASIC review or audits immediately.

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HOW IT WORKS

Get covered in minutes — not days.

01
Get a Quote
Enter your occupation and expected income at app.upcover.com. No personal details required to start.
02
Select Your Cover
Choose policy type and limits that match your compliance requirements.
03
Purchase Online
Complete in a few clicks. No paperwork, no broker.
04
Get Your Certificate
Certificate of Currency issued instantly. Share in one click.

PI Review Window Open? Get Covered Today.

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© 2026 upcover Pty Ltd ABN 17 628 197 437, Corporate Authorised Representative (CAR 1299211) of Experience Insurance Services Pty Ltd ABN 41 657 596 506, AFSL 539078. upcover arranges insurance products with selected insurers and underwriters. upcover does not compare all general insurers or insurance products available in the market.

The information contained on this website is general advice only and has been prepared without taking into account your individual needs, objectives and financial situation. It should not be relied upon as advice. All insurance products are subject to the terms, conditions, limits and exclusions contained in the relevant policy wording and Product Disclosure Statement.  Before deciding whether a particular insurance product is right for you, please consider your personal circumstances and read the relevant Product Disclosure Statement, Target Market Determination, Policy Wording, and Financial Services Guide.