Life industry faces another inquiry
19 September 2016
The life insurance industry is again under the spotlight, with a Senate inquiry established following a proposal by Nationals senator John Williams…
Regulatory & Government
Tasmania opens review of deadly June floods
19 September 2016
The Tasmanian Government has commissioned a review of this year’s devastating floods, with community awareness of insurance matters on the agenda…
Report backs CTP lump sum payout cut
19 September 2016
Lawyers’ concerns over the removal of some lump sum payments in reforms to NSW compulsory third party motor insurance are rebutted in a new report…
Bogus builder leaves clients with dud cover
19 September 2016
An unspecified number of consumers lost their rights to make claims for uncompleted houses after their bogus builder obtained domestic building insurance using stolen identities, the Victorian Building Authority says…
Watchdog slams WorkSafe Victoria over denied claims
12 September 2016
WorkSafe Victoria agents denied workers their rightful entitlements by ignoring evidence to “reject or terminate” compensation claims, the Victorian Ombudsman says following an investigation…
Dispute resolution review calls for submissions
12 September 2016
The independent panel reviewing the financial system’s external dispute resolution and complaints framework has released an issues paper and is calling for submissions…
NSW strata changes ‘could increase litigation’
12 September 2016
NSW strata law reforms that take effect on November 30 may see litigation increase and premiums rise, according to one industry leader…
Insurers act as ASIC flags ‘serious problems’ in car yard market
12 September 2016
The Insurance Council of Australia says insurers plan a 20% cap on commissions for add-on insurance products sold through car dealerships…
FOS supports review of dispute resolution
12 September 2016
The Financial Ombudsman Service has backed efforts to ease the resolution of financial disputes…
Uber legal in Queensland as ride-share reform takes effect
12 September 2016
Ride-sharing services such as Uber are legal in Queensland after a range of reforms began rolling out last week…
ICNZ slams ‘nonsensical’ fire service funding plan
12 September 2016
The Insurance Council of New Zealand has criticised the Government’s proposal to impose a levy on insurance under its fire service reforms…
Consumer trust ‘at the heart’ of ASIC’s new corporate plan
05 September 2016
The Australian Securities and Investments Commission has outlined priorities and challenges in its corporate plan…
Terrorism pool aims to increase retrocession cover
05 September 2016
The Australian Reinsurance Pool Corporation has started renewing its retrocession cover…
Victorian building body obtains new powers
05 September 2016
The Victorian Building Authority will register and discipline building practitioners under changes that took effect last Thursday…
Fintech advisers meet Treasurer
05 September 2016
The Fintech Advisory Group met Federal Treasurer Scott Morrison on Friday to further drive development of innovation in financial services…
Insurers ‘face asset charge hit’ if Australia rating slides
05 September 2016
Insurers face higher asset risk charges if Australia’s credit rating is downgraded, Nikko Asset Management has warned…
ASIC issues guidelines on digital advice
05 September 2016
Providers of digital advice must have at least one responsible manager who meets minimum training and competence standards for advisers, according to new guidelines from the Australian Securities and Investments Commission…
Queensland calls for industry input on CTP revamp
29 August 2016
Queensland is seeking feedback from the industry and wider public on ways to improve its compulsory third party insurance scheme, which last underwent a review in 2010…
Regulator looks to embed cost savings
29 August 2016
A major shift of focus is under way at the Australian Prudential Regulation Authority as it seeks to embed planned cost savings for industries it supervises. The move follows the regulator’s recognition over the past two years of areas requiring change…
APRA targets risk-based management improvements
29 August 2016
Risk-based management strategies will be improved under a five-year corporate plan unveiled by the Australian Prudential Regulation Authority on Friday…