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…
Regulatory & Government
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…
NIBA questions FSI accountability proposals
27 March 2017
The National Insurance Brokers Association “is struggling to understand” how Treasury proposals requiring insurers to identify target and non-target clients can be practically enforced…
ICA backs NSW insurance law reform
27 March 2017
The NSW Law Reform Commission’s proposal to replace Section 6 of the Law Reform (Miscellaneous Provisions) Act 1946 should be implemented, the Insurance Council of Australia says…
Tasmania casts doubt on comparator
27 March 2017
A government-run comparison website for home and motor cover would be difficult to implement and may not help consumers buy appropriate covers, the Tasmanian Government says in a submission to a Senate inquiry into the general insurance industry…
ASIC issues guide on risk management systems
27 March 2017
The Australian Securities and Investments Commission has released guidelines on how financial services licensees can maintain adequate risk systems…
BOM tightens ties with emergency services
27 March 2017
Emergency services will receive “better weather support” from the Bureau of Meteorology under an agreement that took effect last week…
Senators call for higher penalties on white-collar crime
27 March 2017
A Senate Economics References Committee inquiry into white-collar crime has called for higher civil penalties…
Regtech businesses form industry group
27 March 2017
A group of 13 regulatory technology, or regtech, companies including Kaplan-owned Red Marker have formed an association aimed at developing the fast-growing industry…