The upcoming Insurance Act needs more, much more, according to the Insurance Council. Exec Director Alan Mason has called for the legislation to embrace such issues as the protection of policyholders covered by offshore companies, clarifying definitions of what is insurance, and uniform Commonwealth regulation. 

“The main features of changes to the Act involve excising the old solvency requirements and replacing them with strengthened standards issued by the Australian Prudential Regulation Authority,” he said. “This is a golden opportunity to make further improvements.”