APRA to focus on fintech, cyber crime
04 September 2017
The Australian Prudential Regulation Authority’s new corporate plan highlights fintech and cyber crime as key challenges…
Regulatory & Government
Most small licensees’ PI covers up to scratch: ASIC
04 September 2017
A targeted review of professional indemnity insurance held by 56 financial services licensees shows only three did not comply with defence cost regulatory requirements, according to the Australian Securities and Investments Commission…
ARPC puts cyber on table for coverage review
04 September 2017
The Australian Reinsurance Pool Corporation says next year’s triennial review of the organisation should consider extending coverage to include property damage from cyber attacks…
ASIC plan of action targets fraud practices
04 September 2017
Insurers’ handling of fraudulent claims will face scrutiny under the Australian Securities and Investments Commission’s focus on financial product and service provider practices…
NZ regulator to tackle oversight gaps
04 September 2017
New Zealand’s Financial Markets Authority will examine gaps in insurance sector oversight after issues were identified by an International Monetary Fund assessment…
ASIC seeks feedback on car dealer add-on reforms
28 August 2017
The Australian Securities and Investments Commission has released a consultation paper on its proposals to reform the way add-on insurance and warranties are sold via car dealerships…
Mitigation shortfall threatens premiums: NIBA
28 August 2017
Australians will struggle to afford property cover unless governments at all levels step up disaster mitigation efforts, the National Insurance Brokers Association says…
SIRA consults on building comp standards
28 August 2017
The State Insurance Regulatory Authority wants feedback from builders, homeowners, financial service providers and other stakeholders on proposed home building compensation insurance standards in NSW…
Queensland passes building product safety laws
28 August 2017
The Queensland Government has passed laws to increase accountability for dangerous building products, including flammable building cladding…
ICNZ rejects Labour quake tribunal proposal
28 August 2017
The Insurance Council of New Zealand has condemned Labour Party plans to establish an arbitration tribunal for Canterbury earthquake disputes if it wins next month’s national election…
Regtech forum seeks to foster understanding
28 August 2017
The Australian Securities and Investments Commission will hold a Regtech Showcase in Sydney as it looks to foster greater understanding of the sector…
ASIC keeps enforcement focus on financial services
28 August 2017
The Australian Securities and Investments Commission says it will maintain a focus on enforcing higher standards in financial services this half-year…
Reference panel aids AFCA transition team
28 August 2017
The Federal Government has appointed a four-person expert reference panel to assist a transition team tasked with smoothing the switch to the new Australian Financial Complaints Authority…
ESL monitor holds back price comparison order
21 August 2017
The NSW Emergency Services Levy Insurance Monitor has suspended a ruling requiring year-earlier pricing details to be included on renewal notices…
Industry pursuing add-on sales reforms: ICA
21 August 2017
The Insurance Council of Australia is continuing “to engage in constructive discussions” with the Australian Securities and Investments Commission to resolve concerns over add-on product sales through car dealerships…
Cladding taskforce announces inspection pilot
21 August 2017
The Victorian Cladding Taskforce has announced a pilot building inspection program to help determine the prevalence of aluminium cladding in the state…
Canberra consults on APRA crisis management powers
21 August 2017
Treasury has called for submissions on proposals to strengthen the Australian Prudential Regulation Authority’s crisis management powers when dealing with financial entities, including insurers…
CTP fraud arrests mount as crackdown continues
21 August 2017
Detectives in NSW have arrested a 13th person over fraudulent compulsory third party claims, with their crackdown so far leading to more than 100 charges in relation to a combined fraud exceeding $11 million…
NIBA rejects last-resort scheme
21 August 2017
The National Insurance Brokers Association has rejected the concept of a compensation scheme of last resort for the broking sector, saying clients receive the protection they need under the Corporations Act…
ICA backs ASIC phone intercept power
21 August 2017
The Insurance Council of Australia supports empowering the Australian Securities and Investments Commission to receive telecommunications intercept material to investigate and prosecute serious offences…