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Regulatory & Government

ICA warns against ‘quick solutions’ for northern Australia

16 September 2019

A Government-backed reinsurance pool or insurance mutual would provide only marginal premium relief – if any – for the north of Australia, the Insurance Council of Australia says in a submission...

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ICA calls for claims competition in NSW workers' comp

16 September 2019

The Insurance Council of Australia has urged greater competition in icare’s claims management, as an independent review into the NSW workers’ compensation scheme continues...

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Contract terms reforms put onus on insurers

16 September 2019

Insurers will need to give close consideration to the policy terms they include in standard form contracts when unfair contract terms laws are extended to the sector, law firm Clyde & Co says...

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Proposed add-on selling rules tackle 'halo effect'

16 September 2019

An enforced four-day pause in the sale of add-on insurance would allow time for a purchasing “halo-effect” to fade, Treasury says in a consultation paper on proposed new rules...

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Draft product regulations fail to address ICA concerns

16 September 2019

Draft regulations for financial product design and distribution obligations have not addressed Insurance Council of Australia concerns over how the rules will apply when policies are renewed...

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Consultation begins on new ASIC powers

16 September 2019

Treasury is seeking feedback on its draft legislation that would expand the supervisory powers of the Australian Securities and Investments Commission...

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AFCA targets insurers in national tour

16 September 2019

The Australian Financial Complaints Authority is kicking off a six-month roadshow aimed at addressing Australians’ lack of awareness on how to resolve a dispute with insurers and other financial firms...

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