Stability board hails insurance standard
24 July 2017
The Financial Stability Board has welcomed publication of a new accounting standard for insurance contracts, and says insurers should begin implementation as soon as possible…
Regulatory & Government
icare invests in spinal injury treatment
24 July 2017
The Insurance & Care NSW Foundation has partnered with Spinal Cord Injury Australia to fund a fitness service for spinal injury victims in rural NSW…
Fels seeks new CEO commitment on ESL
17 July 2017
NSW Emergency Services Levy Insurance Monitor Allan Fels has sought a fresh pledge from CEOs to “do the right thing” following the Government’s backflip on removing the charge from property policies…
Cladding crisis could force up premiums, ICA warns
17 July 2017
The presence of flammable building cladding could result in large premium increases, or even a refusal to offer cover, the Insurance Council of Australia has warned…
Intermediaries still concerned with ASIC payment regime
17 July 2017
Australian Securities and Investments Commission cost-recovery plans continue to cause uncertainty for insurance intermediaries, which fear paying excessive amounts due to definition problems…
NSW fire trail project receives federal boost
17 July 2017
The Commonwealth will give NSW more than $638,000 to fund bushfire mitigation projects…
Commission calls for competition inquiry submissions
17 July 2017
The Productivity Commission has opened its inquiry into competition in the financial system, calling for submissions by September 15…
Winley chief banned for life
10 July 2017
Jeff Bailey, the MD of failed Perth authorised representative company Winley Financial Services, has been permanently banned from the financial services industry…
‘No justification’ for last-resort compo scheme: ICA
10 July 2017
A compensation scheme of last resort for aggrieved consumers is not the answer to improving the financial services sector, according to the Insurance Council of Australia…
WA widens cladding audit
10 July 2017
The WA Building Commission will audit all “high-risk, high-rise” buildings with cladding following the Grenfell Tower fire, expanding an initial probe that focused only on aluminium composite panels…
Reforms restore Comcare to financial health
10 July 2017
The Federal Government’s workers’ compensation scheme Comcare is fully funded for the first time since 2010, three years ahead of schedule…
ICA seeks ASIC backing on electronic disclosure
10 July 2017
The Insurance Council of Australia has again called for the Australian Securities and Investments Commission to support legislative changes to align insurers with other financial services providers on electronic disclosure…
icare medical panel pilot slashes approval times
10 July 2017
Insurance & Care NSW says a medical support panel pilot project has cut treatment approval times for injured workers to an average of four days from 30 previously, based on interim results…
Victoria establishes cladding taskforce
03 July 2017
Victoria has set up a taskforce to investigate the extent of non-compliant cladding on buildings following the Lacrosse block fire in Docklands and the Grenfell Tower disaster in London…
WA announces builders’ warranty pricing reform
03 July 2017
The WA Building Commission has announced increased builders’ warranty premiums for large builders…
APRA completes leadership overhaul
03 July 2017
The Australian Prudential Regulation Authority has appointed Sean Carmody to the new role of Risk and Data Analytics Division EGM, as the regulator completes a reorganisation…
ASIC gets cosy with Malaysian regulator
03 July 2017
Australian fintech businesses wishing to operate in Malaysia have an easier path to tread after the Australian Securities and Investment Commission signed a co-operation agreement with the Malaysian Securities Commission…
NSW self-insurers move to new licensing framework
03 July 2017
Self-insurers in NSW have until mid-December to transition to a new licensing framework as part of the workers’ compensation system, the State Insurance Regulatory Authority says…
NZ insurers ‘falling short’ on financial disclosure
03 July 2017
The Reserve Bank of New Zealand says insurers are falling “well short” of minimum requirements for financial strength rating and solvency disclosures…
NSW passes bill to reinstate insurance-based ESL
26 June 2017
The NSW Parliament has passed legislation to reinstate the insurance-linked emergency services levy, after the Government backed away from a move to a property-based charge…