ICA warns ACT on surveillance clampdown
07 November 2016
New surveillance rules proposed by the ACT could hamper investigation of fraudulent claims and increase the cost of cover, the Insurance Council of Australia warns…
Regulatory & Government
NSW workers’ rehab rates improve
07 November 2016
The NSW return-to-work rate has improved over a three-year period, while the overall cost of premiums has fallen, according to an inaugural performance report from the workers’ compensation regulator…
APRA asks for feedback on ARPC recoverables
07 November 2016
The Australian Prudential Regulation Authority has written to general insurers seeking feedback on the treatment of Australian Reinsurance Pool Corporation reinsurance recoverables…
NSW changes law on CTP legal costs
07 November 2016
The Motor Accidents Compensation Regulation 2015 has been amended to cap legal costs for NSW compulsory third party claims…
EQC shake-up pushed back to next year
07 November 2016
Reforms to New Zealand’s Earthquake Commission Act will be delayed until next year as the Government grapples with the potential changes…
Insurers face legacy system challenge under new accounting rules
31 October 2016
Australian insurers will have to replace legacy computer systems as a new global insurance contracts accounting standard takes effect in the next decade…
ASIC clarifies AR record-keeping requirements
31 October 2016
The Australian Securities and Investments Commission has amended its record-keeping obligations to ensure advice licensees can adequately monitor and supervise authorised representatives…
APRA hails industry health, cautions against complacency
31 October 2016
The Australian Prudential Regulation Authority has cautioned against complacency as it outlines risks facing the insurance industry…
ASIC bans former AR after fraud sentence
31 October 2016
The Australian Securities and Investments Commission has banned former NAS authorised representative Linda Rae Whelan after she was sentenced for fraud and stealing…
ICA outlines benefits of sustainable workers’ comp
31 October 2016
The Insurance Council of Australia has highlighted the need for socially and financially sustainable state workers’ compensation schemes…
NZ fire services levy to rise
31 October 2016
The New Zealand Fire Service Commission has proposed increasing the levy on insurance contracts by almost 40%…
RBNZ questions insurers on catastrophe risks
31 October 2016
The Reserve Bank of New Zealand is surveying insurers on the way they assess catastrophe risk exposure, as it considers stepping up its information gathering…
Terrorism pool payments to Government ‘unsustainable’
24 October 2016
The Australian Reinsurance Pool Corporation has expressed concern over its financial sustainability, blaming fees and dividends demanded by the Federal Government…
Lawyers’ campaign stalls NSW greenslip reforms
24 October 2016
Reforms to the NSW compulsory third party scheme have been delayed after the legal profession stepped up its campaign against the proposals…
IAG pays out $6.8 million over ESL errors
24 October 2016
IAG will pay nearly $7 million in refunds to customers and donations to emergency organisations over charging errors related to the NSW emergency services levy…
ICA urges lighter touch on dispute resolution reform
24 October 2016
There is no need to create a new dispute resolution body for the financial services sector, the Insurance Council of Australia says…
EQC nears finishing line for Canterbury
24 October 2016
New Zealand’s Earthquake Commission paid $NZ495 million in the year to June 30 settling claims from the Canterbury quakes, as it strives to finish the task…
Queensland opens consultation on climate adaptation
24 October 2016
The Queensland Government is seeking feedback on plans to minimise climate change impacts on communities and business…
O’Dwyer names ASIC review taskforce
24 October 2016
Minister for Revenue and Financial Services Kelly O’Dwyer has announced members and terms of reference for the Australian Securities and Investments Commission Enforcement Review Taskforce…
APRA steps up risk culture supervision
24 October 2016
The Australian Prudential Regulation Authority will intensify efforts to curb excessive corporate risk-taking that could endanger the financial sector’s stability…