Credit providers may need additional insurance to meet draft guidelines published yesterday by the Australian Securities and Investment Commission.ASIC is publishing a series of papers in advance of the introduction of a regime of licensing credit providers under new legislation.Actual credit providers won't need to meet a specific threshold set by ASIC but rather will need to justify their existing insurance or indemnity arrangements.For non-lenders ASIC proposes a set minimum and suggests $2 million is appropriate. This is double the level of insurance required under the existing law in Western Australia.Credit providers will also have to justify their "financial resources" to be in the lending business, though ASIC will adopt a self-assessment process on this test.