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…
Regulatory & Government
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…
Artificial intelligence is here, says ASIC chief
20 March 2017
Artificial intelligence is becoming mainstream, creating challenges and opportunities for regulators, according to the Australian Securities and Investments Commission…
Government response to premiums report still missing
20 March 2017
More than a year after the final report of the Northern Australia Insurance Premiums Taskforce was published, the Federal Government has still not responded to it…
ACCC warns of technology trials
20 March 2017
Technology does not just bring benefits but also presents challenges, the Australian Competition and Consumer Commission has warned…
NIBA urges ‘fair’ levy allocation for ASIC funding
20 March 2017
The National Insurance Brokers Association wants levies to be allocated fairly when the Australian Securities and Investments Commission moves to a new funding model on July 1…
ICA rejects mandatory home replacement cover
20 March 2017
The Insurance Council of Australia has warned against moves to require total replacement policies for home cover as part of wider reforms to protect consumers…
ICNZ renews attack on FENZ levy
20 March 2017
The Insurance Council of New Zealand has again criticised plans to pay for a new national emergency service through insurance levies…
ARPC sheds light on premium calculations
20 March 2017
The Australian Reinsurance Pool Corporation has published details of how reinsurance premiums are calculated…
ACCC rejects car dealer commission cap
13 March 2017
The Australian Competition and Consumer Commission has rejected a proposal by insurers for a 20% cap on commissions paid to car dealers who sell add-on insurance…