NSW cuts insurance duties for small business
26 June 2017
NSW has abolished a range of insurance duties for small businesses from next January, in changes announced in last week’s state budget…
Regulatory & Government
ASIC orders refund to car-yard policyholders
26 June 2017
A general insurer must refund more than $330,000 in premiums to more than 500 customers after mis-selling add-on insurance at car yards…
Climate change inquiry seeks feedback
26 June 2017
The Senate has opened an inquiry into climate change’s implications for national security, with the role of mitigation policies in reducing risk among the topics to be addressed…
Senate delays general insurance inquiry report
26 June 2017
The Senate Economics References Committee has delayed reporting on its inquiry into the general insurance industry…
NSW motor premiums fall as greenslip reform looms
26 June 2017
Average motor premiums in NSW have fallen below $600 ahead of the switch to a new compulsory third party scheme in December, according to the State Insurance Regulatory Authority…
FMA consults on personalised robo-advice
26 June 2017
New Zealand’s Financial Markets Authority wants submissions on its proposals to allow personalised financial advice generated by computer program or algorithm…
ASIC steps up fintech drive with Japan deal
26 June 2017
The Australian Securities and Investments Commission and Japan’s Financial Services Agency will jointly promote fintech businesses under an agreement signed on Friday, as the local regulator seeks to build the fast-growing industry…
WA to increase worker death compensation
26 June 2017
The WA Government is to increase compensation to families after workplace fatalities…
ACCC to begin its new northern Australia pricing probe
19 June 2017
The Australian Competition and Consumer Commission will monitor the home insurance market in northern Australia for three years under an inquiry requested by Treasurer Scott Morrison…
ASIC funding bill passes as industry works on regulations
19 June 2017
Legislation making the insurance sector contribute to Australian Securities and Investments Commission funding passed the Senate last week, but related regulations are still being fine-tuned…
Debbie to cost Queensland more than $1 billion
19 June 2017
Cyclone Debbie is expected to cost the Queensland Government about $1.1 billion in recovery work, according to the state’s budget papers…
Surveyor fined over faulty townhouses
19 June 2017
A building surveyor faces disciplinary action and must pay a $25,500 fine over the construction of 69 substandard townhouses in Diamond Creek, Victoria…
APRA crunches numbers on reinsurance exposure
19 June 2017
Reinsurance recoverables made up 12%, or $14.3 billion, of general insurers’ total assets at June 30 last year, according to the Australian Prudential Regulation Authority…
WA injury insurer praises claims automation
19 June 2017
The Insurance Commission of WA says it has become more efficient since automating its claims process using optical character recognition technology two years ago…
State insurance commission collars fraudster
19 June 2017
A motorist caught submitting false information in his claims form to the Insurance Commission of WA has been fined $1500 and ordered to pay $742 in legal costs…
ASIC’s Hong Kong deal opens door for fintechs
19 June 2017
Fintechs will find it easier to access Hong Kong’s lucrative financial services market thanks to an Australian Securities and Investments Commission deal with the Chinese territory’s Securities and Futures Commission…
ARPC names new chairman
19 June 2017
The Federal Government has appointed Ian Carson as part-time Chairman of the Australian Reinsurance Pool Corporation, and Karen Payne as part-time board member…
Brokers become distributors in Victorian builders’ warranty changes
13 June 2017
Brokerages providing distribution services for Victoria’s builders’ warranty insurance have hailed the overhaul of the state-administered system, saying it will simplify the process and cut costs…
‘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…
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…