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Regulatory & Government

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…

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…

ICA at halfway mark on disclosure reform

18 September 2017

The Insurance Council of Australia is midway through a two-year program to improve consumer understanding of products, according to a submission to the Productivity Commission…

ASIC focuses on cyber resilience

18 September 2017

The Australian Securities and Investments Commission has published its market integrity report for the six months to June 30, highlighting a focus on cyber resilience, sell-side research and listing standards…

WA road injury scheme costs exceed forecast

18 September 2017

WA’s Catastrophic Injuries Support scheme has assessed 28 people as eligible for treatment and care in its first year, and their young ages compared with forecasts has led to an increase in expected average costs…

ARPC supports ‘crowded places’ anti-terror plan

18 September 2017

The Australian Reinsurance Pool Corporation backs the recently unveiled national security plan to protect crowded places from terror attacks similar to the Manchester Arena bombing in May…

icare hands out TMF awards

18 September 2017

NSW Department of Education, in partnership with Allianz, won the “people’s choice” award for the SeekSMART vocational counselling program in Insurance and Care NSW’s TMF Awards for Excellence…

Flammable cladding ban ‘not the answer’

11 September 2017

The Senate inquiry into non-compliant building products has proposed a “total ban” on flammable cladding, but insurers and experts fear deeper problems may be overlooked…