Culture the ‘final frontier’ of post-GFC change
16 November 2015
An organisation’s culture cannot be regulated, and must instead be generated internally, Australian Prudential Regulation Authority Chairman Wayne Byres says…
Regulatory & Government
NZ minister unconvinced on handing over quake claims
16 November 2015
New Zealand’s Earthquake Recovery Minister Gerry Brownlee says he is doubtful about handing over Earthquake Commission claims to private insurers…
Report urges revamp to control NT’s rogue builders
16 November 2015
The NT Government has been urged to expand the number of contractors included in warranty schemes and compensation provisions for the Territory’s residential home-building industry…
Insurers in suspense over NZ fire service funding details
16 November 2015
The New Zealand Government has confirmed that urban and rural fire services will be merged into one organisation that will continue to be funded mainly through levies on insurance policies…
Regulators agree on loss rules for big insurers
16 November 2015
The Higher Loss Absorbency Requirements developed for global systemically important insurers are expected to be endorsed by G20 finance ministers in Turkey today…
Give insurers first look at quake claims: ICNZ
16 November 2015
The Insurance Council of New Zealand has called for changes to the Earthquake Commission Act so private insurers can assess claims first…
APRA to examine insurers’ remuneration practices
09 November 2015
The Australian Prudential Regulation Authority will scrutinise remuneration in insurance companies as it tackles corporate culture…
Watchdog opens workers’ comp claims probe
09 November 2015
The Victorian Ombudsman has begun an investigation into workers’ compensation claims management in the state following a rising number of complaints…
ASIC backs rise of the robots
09 November 2015
The Australian Securities and Investments Commission says it supports the move towards “robo-advice”…
ICA steps up over tow reform
09 November 2015
The Insurance Council of Australia has backed a draft proposal limiting where Victorian tow operators can take vehicles for repair…
ASIC maintains supervision of general advice and insurers
09 November 2015
The Australian Securities and Investments Commission will not increase its surveillance of advisers providing “general advice” this financial year…
Interim CEO keeps role at Safe Work Australia
09 November 2015
Michelle Baxter has been confirmed as the CEO of Safe Work Australia, having served in the role on a “short-term” basis for the past two years…
APRA keeps watch on claims, investment risk management
02 November 2015
The Australian Prudential Regulation Authority says it continues to monitor adverse claims among general insurers and the impact of low interest rates on investment portfolios…
Insurers take interest in WA builders’ warranty market
02 November 2015
A number of insurers have shown interest in the WA Government’s plan to turn over underwriting of home indemnity cover to the private sector…
Dead for quids: ASIC slams funeral cover
02 November 2015
Funeral insurance premiums tend to rise steeply for the over-50s and many people cancel policies in the first few years, losing the benefit of premiums already paid, according to a damning report from the Australian Securities and Investments Commission…
EQC reforms will exacerbate underinsurance: bankers
02 November 2015
The New Zealand Bankers Association says proposed changes to the Earthquake Commission’s natural disaster insurance scheme are not in the best interests of homeowners or banks…
ASIC orders Westpac to offer refunds on mortgage cover
02 November 2015
The Australian Securities and Investments Commission has ordered Westpac to refund up to $8 million to clients who were sold loan protection insurance they may not have needed…
APRA abolishes annual peer reviews
02 November 2015
The Australian Prudential Regulation Authority will abolish the mandatory annual peer review of the appointed actuary’s insurance liability valuation report for general insurers…
FSI response receives cautious welcome
26 October 2015
The Turnbull Government has accepted most Financial System Inquiry recommendations, which will be implemented “in stages over the coming years”, according to Treasurer Scott Morrison…
ACCC urges action on death-trap cables
26 October 2015
The Australian Competition and Consumer Commission says 62% of potentially deadly Infinity electrical cabling remains installed in homes and businesses nationwide…