ASIC flags $14 million industry regulation cost
09 October 2017
The Australian Securities and Investments Commission estimates it will cost $14.1 million to regulate the life and general insurance sectors this financial year…
Regulatory & Government
icare unveils builders’ warranty claims manager
09 October 2017
Insurance and Care NSW has appointed Gallagher Bassett as the Home Building Compensation Fund claims manager.
NIBA opposes one-stop watchdog bill
09 October 2017
The National Insurance Brokers Association has opposed legislation allowing the Financial Ombudsman Service to be absorbed into a wider complaints authority…
Stronger ASIC banning powers gain industry support
09 October 2017
The Insurance Council of Australia (ICA) supports plans to strengthen Australian Securities and Investments Commission banning powers…
Queensland CTP commission records huge surplus rise
09 October 2017
Queensland’s Motor Accident Insurance Commission achieved an operating surplus of $10.94 million in the year to June 30, up from $361,000 the previous year…
NTC seeks feedback on driverless car laws
09 October 2017
The National Transport Commission wants road transport agencies, police and industry to comment on how driver laws should be changed to allow automated vehicles onto the roads…
Revenue decline dents WorkCover WA surplus
09 October 2017
WorkCover WA recorded a $4.6 million net surplus in the year to June 30, down from $8.5 million the previous year as a decline in revenue outpaced that of key expenses…
Canberra grant boosts cyber research
02 October 2017
The Federal Government will provide $50 million over the next seven years to establish the Cyber Security Co-operative Research Centre…
WA notes rise in ‘claims harvesting’
02 October 2017
The number of WA motor accident victims being encouraged to lodge an exaggerated or false motor injury insurance claim has risen “dramatically” to 322 in the past two years, according to the WA Insurance Commission…
APRA seeks more feedback on actuarial changes
02 October 2017
The Australian Prudential Regulation Authority has released a consultation paper in response to last year’s submissions regarding proposals to improve the functions of insurers’ appointed actuaries…
FMA to release life adviser findings by year-end
02 October 2017
The New Zealand Financial Markets Authority says it will release findings from a targeted review of 24 life insurance advisers with a high level of policy churn by the end of this year…
Warranty company promises to be more transparent
02 October 2017
The National Warranty Company has undertaken to amend “potentially misleading” extended warranties it has been selling through new and used-vehicle dealerships nationwide since early 2015…
IAIS provides guidance for supervising mutuals
02 October 2017
Mutuals, co-operatives and community-based organisations have a key role in providing insurance access and should be regulated appropriately, according to a guidance paper from the International Association of Insurance Supervisors…
Queensland backs flammable cladding ban
25 September 2017
The Queensland Government says it will push for a national ban on aluminium composite panels with a flammable polyethylene core when it hosts the Building Ministers’ Forum in Brisbane next month…
NZ regulator ponders next prudential supervision move
25 September 2017
The Reserve Bank of New Zealand is considering 42 submissions on its review of the Insurance Prudential Supervision Act 2010 and will provide an update on its next step “in due course”…
ASIC outlines plans to improve data use
25 September 2017
The Australian Securities and Investments Commission has forecast “significant change” to the ways it handles data when pursuing regulatory activities…
APRA seeks accounting change feedback
25 September 2017
The Australian Prudential Regulation Authority has written to insurers to assess how they will be affected by new accounting rules making it easier for investors to compare performance across international markets…
Canberra seeks pre-budget submissions
25 September 2017
Treasury is now taking submissions on priorities for the next financial year’s budget…
NZ regulator cracks down on register rogues
25 September 2017
New Zealand’s Financial Markets Authority says it will act against rogue directors in a crackdown on misuse of the Financial Service Providers Register…
ICA rejects APRA crisis control proposal
18 September 2017
The Insurance Council of Australia wants general insurance treated differently to the banking sector in proposed laws increasing financial crisis management regulatory powers…