FOS calls for last-resort compo scheme
17 October 2016
A compensation scheme of last resort should be established for consumers, the Financial Ombudsman Service has told a government review…
Regulatory & Government
Terrorism pool joins international forum
17 October 2016
The Australian Reinsurance Pool Corporation has joined a forum set up to promote greater collaboration between the world’s terrorism reinsurance pools…
ICA supports industry bid to cap car dealer commissions
17 October 2016
The Insurance Council of Australia has backed a regulatory request to limit commissions for add-on insurance sold through car dealerships, saying it will lead to significant benefits for consumers…
Bankers want ombudsmen cut back
17 October 2016
The Australian Bankers’ Association wants a one-stop shop to handle consumers’ financial services complaints…
APRA urges insurers, trustees to act on claims
17 October 2016
The Australian Prudential Regulation Authority wants life insurers and superannuation fund trustees to work together on claims management…
Victoria moves to reform TAC, WorkSafe benefits
17 October 2016
The Victorian Government has introduced legislation to improve benefits under the Transport Accident Commission and WorkSafe schemes and establish a statutory watchdog to oversee dispute resolution…
APRA makes case for risk culture supervision
17 October 2016
The Australian Prudential Regulation Authority has a “legitimate interest” in monitoring financial institutions’ risky practices, Chairman Wayne Byres says…
SA devotes $10 million to putting driverless cars on road
17 October 2016
The SA Government has established a $10 million fund to encourage the research, development and testing of connected and autonomous vehicle technology in the state…
Report details Asian regulatory environment
17 October 2016
Aon Benfield has issued a guide for insurers and reinsurers on the latest capital requirements and regulatory changes in 20 Asia-Pacific markets…
ESL monitor warns brokers over ‘double charge’ comments
10 October 2016
NSW brokers have been warned against providing false information on the upcoming abolition of the state’s emergency services levy…
Terrorism pool makes board appointments
10 October 2016
Minister for Revenue and Financial Services Kelly O’Dwyer has announced the appointment of two new part-time board members for the Australian Reinsurance Pool Corporation…
ICA urges fraud prevention for Queensland CTP
10 October 2016
Queensland compulsory third party reforms should target prevention of fraudulent and exaggerated claims, the Insurance Council of Australia says…
SA workers’ comp scheme names CEO successor
10 October 2016
ReturnToWorkSA has announced Deputy CEO Rob Cordiner is to succeed CEO Greg McCarthy, who will retire at the end of the year…
ICA backs end to price-signalling provisions
10 October 2016
The Insurance Council of Australia supports the repeal of price-signalling provisions in the Competition and Consumer Act 2010, as recommended in a review led by Ian Harper…
Income drop, expenses blowout dent WorkCover WA profit
10 October 2016
WorkCover WA’s profit fell by more than half to $8.5 million in the year to June 30, down from $17.9 million the previous year…
FMA ‘shifting through gears’ on culture, conduct
10 October 2016
New Zealand’s Financial Markets Authority says it has moved from transition mode to establish itself as a “fully fledged” conduct regulator…
APRA warns industry on erosion of customer trust
10 October 2016
Insurers should put the same effort into maintaining customer trust as they do protecting financial capital, the Australian Prudential Regulation Authority says…
File reports on time, ASIC warns
10 October 2016
The Australian Securities and Investments Commission has warned businesses that failure to lodge annual statements or auditor reports on time could result in licence cancellation…
ICA seeks clarity on appointed actuary role
03 October 2016
The Insurance Council of Australia wants clarification regarding the Australian Prudential Regulation Authority’s discussion paper on the appointed actuary role in insurance…
WA to set up rural service amid fire mitigation reforms
03 October 2016
The WA Government will support all 17 recommendations – including creation of a rural fire service – arising from an inquiry into January’s devastating Waroona blaze…