The business impact target (BIT) concerns the economic impact of regulation on business. Under the provisions of the Small Business and Enterprise Act 2015 (SBEE Act 2015), government departments and regulators are required to publish a list of new or amended regulatory activities and the economic impact of those activities on business
Regulatory provisions are defined as qualifying regulatory provisions (QRPs) and non-qualifying regulatory provisions (NQRPs). QRPs are regulatory activities which are scored against the BIT. NQRPs are regulatory activities which are excluded from the BIT. Regulators are required to publish lists of both QRPs and NQRPs.
The Claims Management Regulator falls within scope of the SBEE Act 2015 and has complied with the requirements of the BIT by carrying out assessments of the economic impacts to business of any changes it has made to its regulatory policies and practices since May 2015.