Consumer law review recommends insurance contract reform
24 April 2017
A review of consumer law has recommended applying unfair contract terms to insurance contracts – a move the insurance industry has consistently argued against…
Regulatory & Government
ESL monitor to hold emergency levy removal inquiry
24 April 2017
NSW Emergency Services Levy Insurance Monitor Allan Fels has called a public inquiry requiring companies to explain how they calculate property premiums and outline their plans for removing the levy…
Owners’ corporations ‘ultimate winners’ under ESL reform
24 April 2017
The move to a property-based emergency services funding regime in NSW on July 1 will level the playing field for owners’ corporations, according to Strata Community Insurance MD Paul Keating…
Industry attacked at Senate hearings
24 April 2017
General insurance was described as “a stitch-up” during two days of public hearings in the ongoing Senate inquiry into the industry…
ASIC seeks feedback on peer disciplinary panel
24 April 2017
The Australian Securities and Investments Commission is seeking feedback on a proposed financial services panel responsible for determining if errant individuals should be banned from the industry…
NTC seeks to define ‘control’ in automated cars
24 April 2017
The National Transport Commission wants help defining the terms “control” and “proper control” in road rules relating to automated vehicles…
ASIC co-operates on fintech with Indonesian regulator
24 April 2017
The Australian Securities and Investments Commission has signed a co-operation deal with Indonesian financial services regulator Otoritas Jasa Keuangan to promote financial services innovation…
RBNZ to consult on insurance legislation reform
24 April 2017
The Reserve Bank of New Zealand will hold forums in Auckland and Wellington next month to discuss its review of the Insurance Prudential Supervision Act 2010…
ASIC urges reform on previous premium display
10 April 2017
The Australian Securities and Investments Commission says clearly displaying the previous year’s premium on renewal notices would increase competition and comparability for home and car policies…
NSW gears up for no-fault CTP
10 April 2017
NSW will introduce a hybrid no-fault compulsory third party scheme in December after Parliament last week approved replacing the current at-fault system…
Insurers push for access to driving records
10 April 2017
Drivers with demerit points for speeding and other traffic offences could pay more for insurance, as compulsory third party insurers in NSW push for access to policyholders’ records…
ASIC revokes Pratten brokerage’s licence
10 April 2017
The Australian Securities and Investments Commission has cancelled Rural & General Insurance Broking’s financial services licence, which was suspended last October…
Terrorism insurance scheme widens scope
10 April 2017
The Australian Reinsurance Pool Corporation has been expanded to include mixed-use and high-value residential buildings…
icare rolls out direct service
10 April 2017
NSW employers can obtain quotes and renew workers’ compensation policies direct with Insurance & Care NSW from April 30…
WA to lift workers’ comp premium rate
10 April 2017
WorkCover WA has announced a 3.2% rise in recommended premium rates for compulsory workers’ compensation insurance next financial year…
Parliament passes NSW emergency services funding reform
03 April 2017
NSW will move to a property-based emergency services funding regime on July 1 after Parliament passed the Fire and Emergency Services Levy Bill last week…
NZ announces 40% insurance levy increase
03 April 2017
Insurance levies in New Zealand will rise almost 40% to fund the new national emergency service from July 1…
NIBA attacks ‘catch-all’ reforms
03 April 2017
The National Insurance Brokers Association has criticised regulatory reviews that have a detrimental effect on general insurance brokers, despite being focused on banks or the life insurance industry…
NZ insurers welcome regulation review
03 April 2017
The Reserve Bank of New Zealand has announced a review of the Insurance Prudential Supervision Act 2010, releasing an issues paper for public consultation…
ASIC bans Victorian broker for seven years
03 April 2017
The Australian Securities and Investments Commission has imposed a seven-year ban on Victorian broker Raymond Arthur Robinson for misleading and deceptive business practices…