Cladding taskforce announces inspection pilot
21 August 2017
The Victorian Cladding Taskforce has announced a pilot building inspection program to help determine the prevalence of aluminium cladding in the state…
Regulatory & Government
Canberra consults on APRA crisis management powers
21 August 2017
Treasury has called for submissions on proposals to strengthen the Australian Prudential Regulation Authority’s crisis management powers when dealing with financial entities, including insurers…
CTP fraud arrests mount as crackdown continues
21 August 2017
Detectives in NSW have arrested a 13th person over fraudulent compulsory third party claims, with their crackdown so far leading to more than 100 charges in relation to a combined fraud exceeding $11 million…
NIBA rejects last-resort scheme
21 August 2017
The National Insurance Brokers Association has rejected the concept of a compensation scheme of last resort for the broking sector, saying clients receive the protection they need under the Corporations Act…
ICA backs ASIC phone intercept power
21 August 2017
The Insurance Council of Australia supports empowering the Australian Securities and Investments Commission to receive telecommunications intercept material to investigate and prosecute serious offences…
Asbestos imports continue, Senate inquiry told
14 August 2017
Potentially deadly building products laced with asbestos are still being imported into Australia from China, despite growing awareness of the issue, a Senate inquiry has been told…
CBA refunds $10 million over credit insurance
14 August 2017
Commonwealth Bank will refund $10 million to 65,000 customers sold unsuitable consumer credit insurance…
Insurance doesn’t aid corporate misbehaviour: ICA
14 August 2017
The Insurance Council of Australia has rejected any suggestion that liability policies covering financial company officials could undermine a crackdown on corporate misbehaviour…
NSW flood defence projects receive $6 million
14 August 2017
The NSW Floodplain Grants Scheme plans to provide $5.94 million to fund 28 flood mitigation projects across the state…
Terror pools urged to unite on strategy
14 August 2017
International co-operation is critical if terrorism pools are to develop effective coverage and mitigation strategies, according to Australian Reinsurance Pool Corporation CEO Chris Wallace…
WA Insurance Commission posts underwriting loss
14 August 2017
The Insurance Commission of WA recorded an underwriting loss of $81.3 million last financial year, compared with a loss of $14.9 million the previous year. It follows the introduction of a scheme covering lifelong catastrophic injuries…
NIBA expects low ASIC funding charge
07 August 2017
Brokers are likely to pay a “relatively small” levy towards funding the Australian Securities and Investments Commission compared with other parts of the industry, the National Insurance Brokers Association says…
QBE refunds $15.9 million to car add-on policyholders
07 August 2017
QBE Insurance will refund up to $15.9 million to consumers sold add-on insurance through car dealerships that provided little or no benefit, the Australian Securities and Investments Commission says…
ASIC unveils credit insurance working group
07 August 2017
The Australian Securities and Investments Commission has established a working group aimed at improving outcomes for consumer credit insurance…
ICNZ supports fire service levy exemptions
07 August 2017
The Insurance Council of New Zealand says the Government has shown common sense in exempting travel insurance and certain types of property such as swimming pools from the fire service levy…
Terrorism scheme clarifies rolling stock exclusion
07 August 2017
The Australian Reinsurance Pool Corporation (ARPC) has issued a guidance note to clarify cover in respect of rolling stock…
NSW announces flammable cladding crackdown
31 July 2017
NSW Better Regulation Minister Matt Kean has announced a 10-point plan to tackle the issue of flammable cladding, after an audit revealed more than 1000 buildings in the state could contain the material…
NZ climate change review ‘falls short’ on sea level risk
31 July 2017
A government plan to prepare New Zealand for climate change fails to adequately address the critical issue of rising sea levels, according to the Insurance Council of New Zealand…
Dispute scheme transition team begins work
31 July 2017
Former Reserve Bank of Australia assistant governor Malcolm Edey will chair a team tasked with ensuring the new one-stop financial dispute regime is operational by July 1 next year…
APRA joins push for climate risk disclosure
31 July 2017
The Australian Prudential Regulation Authority is among a group of global regulators supporting a new international standard for the disclosure of climate risks by insurers…