Insurers to pay more for extended terrorism pool
01 February 2016
A Treasury review has recommended continuation and expansion of the Australian Reinsurance Pool Corporation – but insurers will have to pay more…
Regulatory & Government
ASIC forces action on misleading Ace promotions
01 February 2016
Ace Insurance has removed misleading advertising on travel and bill protection policies following concerns raised by the Australian Securities and Investments Commission…
New rules on disclosure duty kick in
01 February 2016
Rules covering disclosure by polilcyholders have changed, with the last part of the Insurance Contracts Amendment Act taking effect on December 28…
Federal Court to operate dedicated insurance list
01 February 2016
The Federal Court of Australia is to introduce an insurance list within its Commercial and Corporations National Practice Area…
Insurers back no-fault lifetime care for Queensland CTP
01 February 2016
No-fault lifetime-care compulsory third party cover, one of two schemes under consideration by the Queensland Government, is more effective in protecting people injured in road accidents, according to insurers…
ASIC bans Insured Group MD Miller
01 February 2016
Insured Group MD Wayne Miller has been banned from the financial services industry for four years…
NSW reveals blueprint for sharing economy
01 February 2016
The NSW Government has announced a framework for regulating the collaborative economy, also known as the peer-to-peer or sharing economy…
APRA adds to guidance on reporting
01 February 2016
The Australian Prudential Regulation Authority has added 17 reinsurers to its identifier list of companies to help insurers meet data-reporting requirements…
NZ insurance code activated
01 February 2016
The new Fair Insurance Code has gone live in New Zealand, giving consumers and businesses higher standards of service…
NSW dumps emergency services levy
14 December 2015
Insurers have welcomed the NSW Government’s surprise announcement last week that the emergency services levy on insurance policies will be abolished in favour of a property-based charge…
Consumer lobby attacks ‘junk’ credit cover
14 December 2015
Consumer credit insurance and gap insurance sold as “add-ons” to car finance and other credit have been dismissed as “rubbish products” that provide little or no value to consumers…
Rural broker banned after fraud convictions
14 December 2015
The Australian Securities and Investments Commission has permanently banned insurance broker Mark Chapple from providing financial services…
Brokers exempt from adviser education standards
14 December 2015
General and consumer credit insurance brokers have been exempted from the Federal Government’s new education standards for financial advisers…
Lumley takes ‘industry lead’ over extended warranty concerns
14 December 2015
Lumley Retail Warranty has agreed to change “potentially misleading” extended warranty brochures, the Australian Competition and Consumer Commission says…
Industry must adapt to regulatory shift: Deloitte
14 December 2015
Australian financial services companies face significant regulatory challenges next year, a leading consultancy has warned…
ASIC finds gaps in advisers’ PI coverage
14 December 2015
Gaps exist in the professional indemnity market for financial advisers, the Australian Securities and Investments Commission says…
ICA starts work to improve product disclosure statements
07 December 2015
The Insurance Council of Australia is working on a “detailed action plan” to improve the communication of product disclosure statements to consumers…
SA unveils private CTP insurers
07 December 2015
The SA Government has announced the four insurers that will provide compulsory third party cover from July, as the state moves to a competitive CTP market…
Government receives premiums taskforce report
07 December 2015
The Northern Australia Insurance Premiums Taskforce has handed its final report to the Federal Government…
UK move on renewals gets local support
07 December 2015
A major consumer group has applauded moves by the UK’s Financial Conduct Authority to force insurers to provide renewal notices that include the previous year’s premium rates and the reasons for any change…