New drone regulations raise risk: ICA
06 March 2017
Recreational drone users may face greater third-party liability risk under regulations introduced last September, the Insurance Council of Australia says…
Regulatory & Government
ASIC to probe insurers’ investigation methods
27 February 2017
The Australian Securities and Investments Commission will review insurers’ surveillance and investigation techniques, according to Chairman Greg Medcraft…
Inquiry submissions dismiss comparator plan
27 February 2017
The insurance industry has slammed the idea of a government-run comparison website for home and motor cover…
ASIC funding draft unclear, NIBA says
27 February 2017
The National Insurance Brokers Association says draft legislation for industry funding of the Australian Securities and Investments Commission fails to allay fears over a planned levy…
Insurance tax reform ‘going nowhere’
27 February 2017
Progress on reforming inefficient insurance taxes has stalled, according to Shadow Minister for Small Business and Financial Services Katy Gallagher…
ICNZ demands pledge on emergency service funding
27 February 2017
The Insurance Council of New Zealand has asked Internal Affairs Minister Peter Dunne to explain how he intends to fund a proposed new national emergency service provided by Fire and Emergency New Zealand…
ACCC to put spotlight on conduct, unfair contracts
27 February 2017
The Australian Competition and Consumer Commission will increase its focus this year on misleading and deceptive practices, anti-competitive conduct and unfair contract terms affecting small businesses…
Brokers’ role in doubt under NSW reform
27 February 2017
Brokers will decide whether it is feasible to continue providing services in the NSW builders’ warranty scheme when the commission-based remuneration system is phased out from April 3, the National Insurance Brokers Association says…
First cyber security centre opens in Brisbane
27 February 2017
Australia’s first cyber security centre opened in Brisbane last week, marking the first stage of a $47 million government program to strengthen the nation’s defences…
APRA sharpens climate focus as financial risks widen
20 February 2017
The Australian Prudential Regulation Authority will take a more active role monitoring for climate change risks to the financial system, Executive Member Geoff Summerhayes says…
ASIC chief fires warning shot over add-on cover
20 February 2017
Australian Securities and Investments Commission Chairman Greg Medcraft has warned insurers to raise their game on poor-value add-on insurance sold to people buying vehicles from dealers…
Government not listening, ICA says
20 February 2017
Insurance Council of Australia CEO Rob Whelan has called on governments to listen more closely to the industry’s concerns…
Industry wary over FOS merger plan
20 February 2017
Insurers support plans for a single ombudsman to handle financial and credit and investment disputes, provided a clear general insurance focus is maintained…
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…
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…