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Regulatory & Government

Passage of Bill progresses Hayne recommendations

14 December 2020

Passage of the Financial Sector Reform Bill 2020 through Parliament is a “major step forward” in implementing the recommendations of the Hayne royal commission, the Federal Government says...

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Industry voices reservations over possible reforms to Privacy Act

14 December 2020

The insurance industry has cautioned against making changes to the Privacy Act in a submission to an issues paper seeking feedback on whether the scope of the legislation and its enforcement mechanisms remain fit for purpose in the digital age...

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ASIC sets out product law expectations

14 December 2020

The Australian Securities and Investments Commission has set out its expectations for determining target markets for retail products and distributing them appropriately in a regulatory guide for new laws that aim to drive a consumer-centric approach...

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APRA slices $100 million from Allianz’s extra capital requirement

14 December 2020

The Australian Prudential Regulation Authority will reduce a $250 million additional capital requirement applied to Allianz Australia last year to $150 million, saying the insurer has made progress in “addressing issues”...

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COVID spurs megatrends: APRA’s Summerhayes

14 December 2020

The COVID-19 outbreak has compressed a decades’ change into a few years and will lead to lasting impacts on the ways insurers do business, Australian Prudential Regulation Authority (APRA) Executive Board Member Geoff Summerhayes says in comments made as his term concludes.

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Pandemic pools ‘could help insurer reputation’

14 December 2020

Australian Reinsurance Pool Corporation CEO Christopher Wallace says extending the mandate of terrorism pools to pandemics could assist the insurance industry as its reputation is hit by COVID-19 related claim denials...

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Parliament passes new insolvency laws

14 December 2020

Parliament has passed the legislation for new insolvency laws that could potentially impact trade credit insurers...

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Industry wants accreditation scheme for NSW rehab providers

14 December 2020

The Insurance Council of Australia has proposed an accreditation process for rehabilitation providers in the NSW compulsory third party scheme in a submission to the State Insurance Regulatory Authority...

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Queensland creates homeowner’s guide to bushfire resilience

14 December 2020

The Queensland Government has partnered with CSIRO to develop a guide for improving the bushfire resilience of new and existing homes...

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