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Regulatory & Government

NZ insurers attack deal for uninsured quake victims

11 September 2017

A government settlement with a group of uninsured Christchurch property owners known as the Quake Outcasts may provide an incentive to shun cover, the Insurance Council of New Zealand warns…

ICA seeks help on NSW duty removal deadline

11 September 2017

Insurers have called for help from the NSW Government as they struggle to meet a January start date for removing stamp duty from crop and livestock policies and various small business covers…

Taskforce seeks feedback on ASIC banning power reform

11 September 2017

The Australian Securities and Investments Commission would have powers to ban a person from being a senior manager in a financial services business under proposals put forward for comment by a taskforce…

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…

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…

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…

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…