Optus to repay $2.4 million over insurance sales breaches
18 July 2016
Optus will refund $2.4 million to 175,000 customers who were overcharged for insurance products, the Australian Securities and Investments Commission says…
Regulatory & Government
SA opposition attacks CTP premium rise
18 July 2016
The SA Government has approved a 2.9% rise in compulsory third party premiums for this financial year, prompting concerns drivers will be worse off…
NZ insurers back financial regulation reforms
18 July 2016
The Insurance Council of New Zealand has backed changes to the country’s financial framework, arguing greater transparency will produce long-term benefits for the industry.
WA workers’ comp scheme tests conciliation via Skype
18 July 2016
WorkCover WA will pilot videoconferencing for people outside Perth who want access to conciliation services, to better help workers who live regionally or interstate…
Commission to probe enforcement of consumer law
18 July 2016
The Productivity Commission has released an issues paper for its study into the way Australian Consumer Law is enforced and administered…
NSW threatens heavy fines for insurers after levy reform
11 July 2016
Insurers in NSW face fines of up to $10 million if caught engaging in “unreasonable pricing” under the state’s new property-based charge for funding fire and emergency services…
NZ fire service reform a ‘one-off chance’
11 July 2016
The New Zealand Government has opened the next stage of consultation on its fire service reforms, hailing the changes as a “once-in-a-lifetime opportunity”…
NSW unveils ‘dynamic’ ride-sharing CTP pricing
11 July 2016
Telematics may be used to set compulsory third party premiums for taxis and ride-sharing vehicles in NSW…
Strata body pushes for emergency repair reserves
11 July 2016
Owners’ corporations in Victoria should be mandated to establish funds to help residents carry out emergency repairs while insurance claims are being processed and bring them into line with others states, according to Strata Community Australia…
SA pledges $16 million to bushfire prevention
11 July 2016
About $16.2 million will be invested over four years to tackle the growing threat of bushfires in SA, it was announced in the state budget…
Victorian workers’ comp rate holds steady
11 July 2016
Victoria’s average workers’ compensation premium for this financial year remains at 1.272% of wages…
New year, new start on stamp duty and CTP
04 July 2016
The new financial year marks the start of regulatory changes that will free ACT households from insurance stamp duties and improve compulsory third party cover in WA and SA…
Insurers hail NSW greenslip reform
04 July 2016
Motorists in NSW can expect lower premiums and improved all-round coverage when the state moves to a hybrid no-fault compulsory third party scheme, insurers say…
NZ regulator finds evidence of churn
04 July 2016
Research by New Zealand’s Financial Markets Authority shows 31% of life insurance policies lapse within three years…
Reforms deliver faster payouts for asbestos victims
04 July 2016
The average waiting time to process mesothelioma and other dust disease victims’ compensation claims in NSW has halved under State Government reforms…
Reinsurance pool sets out terrorism conference program
04 July 2016
The Australian Reinsurance Pool Corporation has announced the program for its international conference later this year…
Accounting bodies refine insurance contracts standard
04 July 2016
Global accounting standards bodies have agreed that an insurer’s profit and loss statement should be the primary source of financial information in an insurance contracts framework…
NSW runs numbers on emergency services levy
27 June 2016
The NSW Government says revenue from a new property-based charge for funding fire and emergency services will grow 2.8% a year to more than $1 billion in 2019/20…
Victoria moves closer to ride-sharing rules
27 June 2016
Victoria is to develop rules for ride-sharing services such as Uber, after the Government agreed to hammer out a framework over the winter parliamentary break…
APRA seeks feedback on appointed actuary changes
27 June 2016
The Australian Prudential Regulation Authority has outlined proposals to improve the relevance of insurers’ appointed actuaries…