NSW looks to simplify unclear insurance law
30 January 2017
The NSW Government is considering a recommendation to replace a 70-year-old insurance claims law that has caused uncertainty over liability cover for directors and officers…
Regulatory & Government
ICA raises concern over last-resort compo scheme
30 January 2017
An industry-funded compensation scheme of last resort is not the answer to improving the dispute resolution framework, according to the Insurance Council of Australia…
Terrorism pool increases retrocession cover
30 January 2017
The Australian Reinsurance Pool Corporation has increased its retrocession coverage this year from $2.9 billion to $3 billion…
Marine laws ‘need reform’ after UK overhaul
30 January 2017
The Marine Insurance Act needs to be reviewed to keep pace with changes in the UK, according to the Insurance Council of Australia. It says the industry risks losing its competitiveness…
APRA seeks submissions on data overhaul
30 January 2017
The Australian Prudential Regulation Authority is asking for feedback on its proposals to improve the quality of data collected from authorised deposit-taking institutions, including insurers…
ICA proposes liability database improvements
30 January 2017
A national liability database could be improved by providing more detailed information, according to the Insurance Council of Australia…
ASIC cancels broker’s licence
30 January 2017
Sydney-based broker Core Insurance has had its Australian financial services licence cancelled…
RBNZ adds Kaikoura claims to insurer monitoring
30 January 2017
The Reserve Bank of New Zealand has added claims and reinsurance positions for November’s Kaikoura earthquake to its property insurer reporting requirements…
FMA to release conduct guide
30 January 2017
New Zealand’s Financial Markets Authority is poised to release a “principles-based” guide on the conduct of financial service providers under the Financial Markets Conduct Act…
Dispute resolution schemes ‘should be merged’
12 December 2016
A single ombudsman for financial, credit and investment disputes should be created, according to a Treasury report…
Customer advocates welcome ‘mega-ombudsman’ plan
12 December 2016
Consumer groups have backed calls for a single ombudsman to replace the Financial Ombudsman Service and Credit and Investments Ombudsman…
Canberra channels $31.9 million into cyber centre
12 December 2016
The Turnbull Government has committed $31.9 million to setting up the industry-led Cyber Security Growth Centre, to increase and improve the nation’s cyber-security workforce…
ASIC should act on electronic disclosure, ICA says
12 December 2016
The Insurance Council of Australia has asked the Australian Securities and Investments Commission to back its push for electronic forms of disclosure…
APRA sets start date for derivatives standard
12 December 2016
All insurers must comply with the Australian Prudential Regulation Authority’s new risk standard for non-centrally cleared derivatives by March 1…
ASIC warns of criminal charges for false licence applications
12 December 2016
The Australian Securities and Investments Commission has warned that false or misleading financial services licence applications may trigger legal action…
WorkCover Queensland welcomes new boss
12 December 2016
Bruce Watson will replace Tony Hawkins as CEO of WorkCover Queensland from January 1…
ASIC forum looks to the future
12 December 2016
The 22nd Australian Securities and Investments Commission Annual Forum will be held from March 20-21 at the Hilton in Sydney…
Ipswich to hold vehicle automation tests
05 December 2016
Queensland will host Australia’s largest on-road trial of driverless and connected vehicle technology over the next four years, the State Government has announced…
SA broker banned over premium funding misuse
05 December 2016
The Australian Securities and Investments Commission has permanently banned a former SA broker for funnelling loan funds into his own account…
RBNZ review offers insurer solvency insights
05 December 2016
The Reserve Bank of New Zealand has published its review of insurers’ solvency returns for the 2015 financial year…