Ministers act on flammable cladding findings
22 February 2016
The Building Ministers Forum has agreed “a range of measures” to address safety concerns associated with non-compliant building cladding on high-rise buildings…
Regulatory & Government
ARPC expands retrocession cover to $2.9 billion
22 February 2016
The Australian Reinsurance Pool Corporation has increased this year’s retrocession cover to $2.9 billion from $2.6 billion last year, and its excess has been reduced to $350 million from $400 million…
Regulatory change ‘increases focus on consumer protection’
22 February 2016
Consumer protection is now high on the agenda for chief compliance officers, according to an insurance industry report by Ernst & Young…
Judgement drags insurers into insolvency disputes
22 February 2016
A High Court ruling that allows third-party claimants to join an insolvent defendant’s insurer to proceedings could have significant implications for the industry, according to an international law firm…
ACT Uber drivers to pay higher CTP premiums
22 February 2016
Ride-share providers in the ACT will pay higher compulsory third party premiums than private car owners, the territory’s insurance regulator says…
ASIC bans ex-Guardian adviser for churning
22 February 2016
Former Guardian Advice financial adviser Andrew Moroney has been permanently banned for churning…
Brokers code under more scrutiny
15 February 2016
Two Financial Ombudsman Service “own-motion inquiries” into the insurance industry will take place in April and June…
Actuaries urge Canberra to budget for disaster
15 February 2016
The Actuaries Institute has encouraged the Federal Government to support natural disaster mitigation policies that give “longer-term paybacks”…
MPs to consider bill to cut life commissions
15 February 2016
The Federal Government has introduced to Parliament legislation restricting life insurance commissions from July 1…
Safe Work Australia names new chairman
15 February 2016
Employment Minister Michaelia Cash has appointed Diane Smith-Gander as Chairman of Safe Work Australia for the next three years…
ICA rejects changes to competition laws
15 February 2016
There is no need to change competition laws that have been effective in preventing harmful practices, the Insurance Council of Australia says…
SA presses on with workers’ comp reforms
15 February 2016
ReturnToWorkSA is targeting further improvements after its board approved a list of initiatives outlined in the strategic plan for 2015-18…
Premiums taskforce findings still under wraps
08 February 2016
The Northern Australia Insurance Premiums Taskforce’s final report was handed to the Government well before Christmas – but there are still no signs of it being made public…
Scrap insurance stamp duty, says taxpayers group
08 February 2016
Inefficient insurance stamp duties should be removed and replaced by an increase in goods and services tax, Taxpayers Australia says…
FOS plans review of code compliance
08 February 2016
The Financial Ombudsman Service will examine insurers’ compliance with industry codes of practice as part of a wider review of financial services providers…
Brokers urged to review contract terms
08 February 2016
The National Insurance Brokers Association has urged members to act on legislation that extends unfair contract terms protection to small businesses…
Staff lack faith in EQC outcomes
08 February 2016
Only about 25% of staff employed by New Zealand’s Earthquake Commission believe the organisation delivers on its promises, according to its own survey…
IASB insurance contracts vote looms
08 February 2016
The International Accounting Standards Board (IASB) hopes to start balloting members on the insurance contracts standard after its board meeting this month…
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…
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…