NSW MP acts against insurers’ smash repair deals
04 April 2006
NSW Independent MP Richard Torbay has introduced a private member’s bill into the NSW Parliament that sets out to ban preferred smash repairer schemes…
Local
APRA opposes DOFIs regulation plan
04 April 2006
The Australian Prudential Regulation Authority opposes a Treasury plan for controlling access to the Australian market by direct offshore foreign insurers and discretionary mutual funds…
APRA stats indicate a healthy industry
04 April 2006
APRA has released the first edition of its General Insurance Bulletin, which shows a pronounced turnaround in profitability for the industry over the past five years…
NSW workers’ comp rate falls
04 April 2006
Workers’ compensation premiums in NSW are set to drop by an impressive 10% in June after the NSW Government buckled under pressure to reform occupational health and safety laws…
NZ DOFI gets a rating
04 April 2006
New Zealand-based direct offshore foreign insurer Western Pacific Insurance has been allocated a “B-minus” rating with a stable outlook by Standard & Poor’s…
Cooper files for bankruptcy
04 April 2006
He’s languishing in a temporary prison cell at Sydney’s Silverwater Remand Centre while he awaits sentencing, but Brad Cooper has nevertheless filed for bankruptcy…
Creditors get their 5c worth
04 April 2006
HIH Insurance creditors left out of pocket when the company collapsed in 2001 will soon be getting part of their money back when dividends of five cents in the dollar are finally paid out…
Larry’s insurance bill rises past $250 million
04 April 2006
While 12,500 claims worth more than $250 million have been received for insured losses from Cyclone Larry, it’s still not known if Cyclone Glenda on the other side of the country…
EIG-Ansvar signs on to Sunrise Exchange
04 April 2006
Melbourne-based EIG-Ansvar is the latest insurer to offer its products on Sunrise Exchange…
Reinsurers save the day
28 March 2006
Reinsurers are expected to incur claim costs from Cyclone Larry of more than $1 billion because most local insurers have capped claim levels for cyclone-related risks…
Industry active in devastated areas
28 March 2006
Loss adjusters and claims technicians are hard at work in the Far North Queensland towns ravaged by Cyclone Larry…
Crop cover scheme would be useful now
28 March 2006
The Federal Government refused six years ago to fund an insurance scheme to protect crops against natural disasters after a study showed taxpayers would have to subsidise premiums…
NRMA Motoring not interested in insurance… yet
28 March 2006
What goes on in the boardroom should stay in the boardroom – at least according to NRMA Motoring and Services…
Awards season opens for 2006
28 March 2006
The industry awards season has officially begun. Nominations for the Australia and New Zealand Insurance Industry Awards have opened for 2006…
Adler’s back in his room as appeal fails
28 March 2006
When former FAI executive Rodney Adler was sent to jail last year he told his children he was being sent to his room for a long time…
Brokers find FSL changes hard to keep up with
21 March 2006
Brokers are becoming increasingly frustrated by the varying fire services levies passed on to policyholders and the unpredictable times that insurers choose to charge them…
'No fault' CTP scheme for children
21 March 2006
The NSW Government has introduced a $285 million “no-fault” compensation scheme for children and lifetime care for adults catastrophically injured in motor vehicle accidents…
IBD teams up with banking ombudsman
21 March 2006
Insurance Brokers Disputes, the independent body handling complaints against brokers, is to share a common IT system and staff with the Banking & Financial Services Ombudsman…
New brokers’ code starts up on January 1
21 March 2006
After much discussion, and the odd delay, NIBA will implement its new Insurance Brokers Code of Practice from January 1 next year…
Mum’s the word on DOFIs
21 March 2006
Treasury has stopped accepting submissions on its review of discretionary mutual funds and direct offshore foreign insurers – but it’s not saying when it will…