‘Last resort’ compo scheme back on the agenda
13 June 2017
Treasury has issued a discussion paper putting a “last resort” compensation scheme back on the agenda…
Regulatory & Government
ASIC revokes Sydney intermediary’s licence
13 June 2017
The Australian Securities and Investments Commission has cancelled Group Underwriters and Managers’ financial services licence, which was suspended last November…
Lawmakers seek feedback on automated vehicles
13 June 2017
The National Transport Commission wants feedback on four regulatory options for the safety assurance of automated vehicles, which are expected to be on Australian roads in about three years…
Tassie flood report highlights need for mitigation: ICA
13 June 2017
A review of flooding that devastated parts of Tasmania last year has put a “much-needed” focus on mapping and mitigation, the Insurance Council of Australia says…
Former IAG exec joins ACC board
13 June 2017
New Zealand’s Accident Compensation Corporation has appointed former IAG executive Leona Murphy to its board…
Insurers face pricing scrutiny as NSW delays ESL axe
05 June 2017
Insurers have been told they are under close scrutiny from the NSW Emergency Services Levy Insurance Monitor as the industry grapples with the State Government’s backflip on next month switching to a property-based levy to fund emergency services…
Get flood maps in order, Tasmania told
05 June 2017
Tasmania should consider improved flood mapping to help prevent future catastrophes, according to an independent review held after storms devastated parts of the state last winter…
Queensland supports spinal injury research
05 June 2017
Queensland’s Motor Accident Insurance Commission has pledged $5 million over the next three years for research into a new treatment for spinal cord injuries…
State insurer invests in patient safety program
05 June 2017
The Victorian Managed Insurance Authority has partnered with BehaviourWorks Australia on a $1.5 million initiative to improve patient safety in public healthcare…
WA holds bushfire mitigation summit
05 June 2017
A bushfire mitigation summit will be held in WA this month to discuss better strategies for managing the hazard…
Actuaries can help insurers get with the times, APRA says
29 May 2017
Insurers must unburden themselves of the old structures and systems preventing them from meeting younger consumers’ needs, Australian Prudential Regulatory Authority Executive Member Geoff Summerhayes says…
NZ raises EQC premium after funds depleted
29 May 2017
New Zealand is raising the Earthquake Commission premium rate by a third to replenish disaster funds drained by Canterbury and Kaikoura catastrophe claims…
State toughens laws on unsafe building products
29 May 2017
Queensland is cracking down on substandard building product imports after a series of high-profile material failures prompted calls for national action…
Plant takes on expanded icare role
29 May 2017
Former QBE executive Tim Plant will take on an expanded role at Insurance & Care NSW following Steve Hunt’s decision to retire after 12 years leading the self-insurance business…
Insurance guidelines set for automated vehicle trials
29 May 2017
Holding appropriate insurance is among the prerequisites for securing permits or exemptions to conduct automated vehicle trials, according to guidelines introduced by the National Transport Commission and Austroads…
Licensee-level breach reports would miss mark, ICA says
29 May 2017
Proposals to clamp down on financial misconduct by publishing individual licensees’ breaches could backfire and cause unfair reputational damage, the Insurance Council of Australia warns…
ASIC unveils development plans for regtech
29 May 2017
The Australian Securities and Investments Commission is seeking feedback on its regtech development proposals, which include technology trials and a “hackathon”…
New accounting standard shapes as major challenge
22 May 2017
After 13 years, a new global accounting standard for insurance contracts has been issued by the International Accounting Standards Board…
NSW emergency services levies drop as removal looms
22 May 2017
Emergency services levy rates on NSW property insurance policies have fallen to about 7% this month from 20% in January, as the market transitions to removal of the charge…
Views sought on complaints authority compo caps
22 May 2017
Treasury is calling for feedback on possibly raising the compensation cap for insurance product disputes to $1 million when the Australian Financial Complaints Authority starts operations in July next year…