New reporting rule forces data breaches into open
20 February 2017
Businesses will be required to report data breaches under Privacy Act amendments passed by Federal Parliament last week, raising the stakes for cyber risk management…
Regulatory & Government
ICA research aims to aid PDS reform
20 February 2017
About 80% of consumers buy insurance without reading product disclosure statements, and 88% are confident they understand policy details despite having a poor understanding of exclusions and limits…
Employer penalised for workers’ comp blunder
20 February 2017
The owner of a NSW hospitality business must pay a three-year “avoided premium penalty” of $18,000 for failing to cover her workers’ compensation liabilities, the State Insurance Regulatory Authority says…
WA injury scheme seeks panel members
20 February 2017
The Insurance Commission of WA is seeking expressions of interest from medical experts and health professionals to join its Catastrophic Injuries Support Scheme…
FMA sets out strategic priorities
20 February 2017
New Zealand’s Financial Markets Authority has listed seven priority oversight areas for the next three years…
APRA shrugs off expanded data worries
13 February 2017
The Australian Prudential Regulation Authority has rejected industry protests and will go ahead with a plan to provide additional statistics on general insurance in expanded industry and institutional level reports…
APRA warns over ‘shiny new toys’
13 February 2017
Australian Prudential Regulation Authority (APRA) Chairman Wayne Byres says financial businesses must resist the temptation to spend on “shiny new toys” for customers at the expense of improved back-office technologies…
Earthquake Commission announces new CEO
13 February 2017
New Zealand’s Earthquake Commission has named Sid Miller as CEO, effective from today…
ICA raises concerns on OECD tax treaty
13 February 2017
The Insurance Council of Australia is concerned about an “increased compliance burden” should Canberra implement articles 12-14 of an OECD treaty designed to address tax avoidance by multinationals…
CERA stumbled after early quake action: report
13 February 2017
New Zealand’s Canterbury Earthquake Recovery Authority struggled with a less defined role once the Christchurch emergency response ended, and was overly optimistic in its communications, an Auditor-General’s review has found…
ARPC chairman to step down
13 February 2017
Australian Reinsurance Pool Corporation Chairman Joan Fitzpatrick has announced she will not seek reappointment when her term expires at the end of June…
Asbestos breaches ‘must be punished’
06 February 2017
Every breach of Australia’s zero-tolerance policy on asbestos imports should be punished, the Asbestos Safety and Eradication Agency says…
Budget submissions renew call for mitigation spending
06 February 2017
Pre-budget submissions for the next financial year have urged Canberra to increase disaster mitigation funding as part of a long-term strategy…
ICA calls for protection on industry’s value-added data
06 February 2017
Proposed rules to give consumers more control over their data may have repercussions for underwriters, the Insurance Council of Australia warns…
Queensland brokers warned on WorkCover rules
06 February 2017
WorkCover Queensland has urged insurance brokers to ensure clients are covered for workplace injuries as it adopts a sharper compliance focus…
ASIC plans technology boost, improved communication
06 February 2017
The Australian Securities and Investments Commission says its compliance and monitoring will be improved through investment in Big Data technology and an infrastructure overhaul…
ICA sets a figure on driverless car trials
06 February 2017
The Insurance Council of Australia says organisations trialling highly automated vehicles should have at least $20 million in public liability insurance…
NSW pushes ahead with builders’ warranty reform
06 February 2017
The NSW Government is implementing reforms to its builders’ warranty scheme, including phasing out broker commissions…
The things that matter, by the FMA
06 February 2017
The Financial Markets Authority in New Zealand has released the final version of its conduct guide…
Fintech licence exemption alarms consumer advocates
30 January 2017
The Australian Securities and Investments Commission will allow fintechs to market-test new services without holding a licence – a move that has sparked protests from consumer groups…