RBNZ reviews supervision legislation
18 April 2016
The Reserve Bank of New Zealand (RBNZ) will review the Insurance Prudential Supervision Act this year – the first review since its inception five years ago…
Regulatory & Government
QBE dropped from WorkSafe Victoria’s agent panel
11 April 2016
QBE is the only company not to have its contract renewed after WorkSafe Victoria last week announced a new agent panel to manage workplace injury insurance claims and premium collection from July 1…
SA holds workers’ comp premium at 1.95%
11 April 2016
ReturnToWorkSA will maintain its average premium at 1.95% of wages next financial year…
ICA maintains pressure on stamp duty
11 April 2016
Replacing inefficient insurance stamp duties would enable state and territory governments to raise extra funds without increasing the tax burden, according to the Insurance Council of Australia…
ACT reforms drive down CTP costs, review shows
11 April 2016
Compulsory third party premiums in the ACT are more affordable since the market was opened up three years ago, according to Chief Minister Andrew Barr…
Culture is your responsibility, APRA chief tells institutions
11 April 2016
Australian Prudential Regulation Authority Chairman Wayne Byres has defended the regulator’s focus on corporate culture…
ICA attacks PI reforms
11 April 2016
The Insurance Council of Australia has criticised the NSW Office of State Revenue for reinterpreting legislation that would more than double the duty payable on several occupational indemnity risks…
ASIC reports on market integrity
11 April 2016
The Australian Securities and Investments Commission has released its half-yearly report on market integrity, with a focus on deterrence, standards and education, and behavioural change…
ICA urges hull duty exemption
11 April 2016
The Insurance Council of Australia has written to the NSW Commissioner of State Revenue arguing for commercial hull insurance’s continued full exemption from duty…
NSW builders’ warranty reform falls short: NIBA
04 April 2016
The National Insurance Brokers Association has criticised proposed reforms to NSW’s state-run builders’ warranty insurance scheme…
ASIC zeroes in on cyber crime
04 April 2016
The Australian Securities and Investments Commission has stepped up its surveillance of cyber crime this year in a bid to keep pace with the growing digitisation of the financial services industry…
CTP fraud hotline attracts tip-offs
04 April 2016
The NSW Compulsory Third Party Fraud Taskforce is already making a difference, according to the Insurance Council of Australia…
Insurance contracts under spotlight in consumer law review
04 April 2016
Standard-form contracts covered by the Insurance Contracts Act 1984 are included in a review of Australian Consumer Law by Consumer Affairs Australia and New Zealand…
Anglo-Australian deal removes barriers for innovators
04 April 2016
An agreement between national regulators will give fintech companies in Australia and the UK more support when they attempt to enter each other’s markets…
APRA prudential standards extended to holding companies
04 April 2016
General and life insurance holding companies are covered in the latest Australian Prudential Regulation Authority prudential framework…
ASIC consults on disclosure class orders
04 April 2016
The Australian Securities and Investments Commission has released a consultation paper on remaking four class orders relating to financial services disclosure…
NSW reviews outdated insurance law
21 March 2016
The NSW Law Reform Commission hopes to remove uncertainty for insurers, businesses and consumers by reviewing a 70-year-old insurance law…
ASIC sets out proposed rules on digital advice
21 March 2016
The regulatory environment for providing digital advice will be the same as for personal advice, according to a consultation paper from the Australian Securities and Investments Commission…
Terrorism pool welcomes premiums taskforce findings
21 March 2016
The Australian Reinsurance Pool Corporation has backed the final report of the Northern Australia Insurance Premiums Taskforce and its focus on mitigation over intervention…
OnePath under review following breaches
21 March 2016
From 2013 to the middle of last year about 1.3 million customers were affected by breaches, requiring refunds and compensation of about $4.5 million, plus rectifications and other remediation of about $49 million…