ASIC overhaul ‘good for insurance industry’
An overhaul of ASIC is good news for the insurance industry, according to a senior industry source.
ASIC Chairman Tony D’Aloisio has announced 25 new senior executives as a result of its recent strategic review. Under the change, the regulator’s insurance team was be headed up by Greg Kirk, the Director Compliance and Campaigns, Consumer Protection.
The industry source, who works closely with the Federal Government, told insuranceNEWS.com.au today it appears the change will lead to a system that’s more responsive to industry issues.
He says the appointment of Mr Kirk is “great” for the insurance industry. “He is an expert in the area, having led the team on problems to do with home underinsurance,” he said. “It will be better than the previous system, where the insurance head regularly changed.”
He says the strategic review looks to be a lowering of ASIC’s structure to have less levels while making more people responsible for more areas.
The appointments are a combination of internal promotions and external applicants. ASIC has also created a new position, Chief Legal Officer, which will be filled by Victorian barrister Michael Kingston.
Mr D’Aloisio says the strategic review will put the regulator in a better position to respond to changes in the market now and over the next three to five years.
The new appointments and structure will come into effect on September 1.
ASIC is also expected to announce additional senior executives for Adelaide, Brisbane and Perth.
ASIC Chairman Tony D’Aloisio has announced 25 new senior executives as a result of its recent strategic review. Under the change, the regulator’s insurance team was be headed up by Greg Kirk, the Director Compliance and Campaigns, Consumer Protection.
The industry source, who works closely with the Federal Government, told insuranceNEWS.com.au today it appears the change will lead to a system that’s more responsive to industry issues.
He says the appointment of Mr Kirk is “great” for the insurance industry. “He is an expert in the area, having led the team on problems to do with home underinsurance,” he said. “It will be better than the previous system, where the insurance head regularly changed.”
He says the strategic review looks to be a lowering of ASIC’s structure to have less levels while making more people responsible for more areas.
The appointments are a combination of internal promotions and external applicants. ASIC has also created a new position, Chief Legal Officer, which will be filled by Victorian barrister Michael Kingston.
Mr D’Aloisio says the strategic review will put the regulator in a better position to respond to changes in the market now and over the next three to five years.
The new appointments and structure will come into effect on September 1.
ASIC is also expected to announce additional senior executives for Adelaide, Brisbane and Perth.