Ministers take action after cladding fire
03 August 2015
Compulsory sprinklers on covered balconies and a list of approved high-risk building products may be introduced following a devastating fire in Melbourne’s Docklands…
Regulatory & Government
Watchdogs team up against funeral insurance
03 August 2015
Regulators have joined forces to launch the Avoid a Funeral RIP-off campaign, aimed at indigenous communities…
Canberra told to ditch insurance taxes
03 August 2015
Insurance taxes, rates and land stamp duties should be replaced by a property services tax, KPMG has told the Federal Government’s inquiry into tax reform…
Insurers positive about APRA supervision
03 August 2015
General insurers are happy with the Australian Prudential Regulation Authority’s supervision of the industry, a stakeholder survey shows…
New guidelines encourage digital disclosure
03 August 2015
The Australian Securities and Investments Commission has released new guidelines and waivers for financial services businesses to send important information to consumers through digital channels…
Industry culture must change: ASIC
27 July 2015
Insurers must change their culture to focus on “doing the right thing”, rather than maximising profits, according to the Australian Securities and Investments Commission…
NSW workers’ comp scheme acts to stop ‘revolving door’
27 July 2015
WorkCover NSW will consult with scheme agents and their case managers to improve processes, a spokesman has told insuranceNEWS.com.au…
ICA maintains pressure on stamp duty
27 July 2015
The Insurance Council of Australia used last week’s federal and state leaders’ meeting on tax to lobby for the abolition of stamp duties on insurance policies…
ASIC’s effectiveness in for scrutiny
27 July 2015
The Insurance Council of Australia hopes a forthcoming review of the Australian Securities and Investments Commission will focus on the regulator’s responsiveness to emerging issues and the way it prioritises resources…
Home loan stress may follow LMI changes
27 July 2015
Changes to capital rules that may affect lenders’ mortgage insurance could put the home loan system under stress, according to the Insurance Council of Australia…
ASIC remakes insurance class order
27 July 2015
The Australian Securities and Investments Commission has remade a class order relating to general insurance product distribution, so the effect continues after the expiry date of next April…
RBNZ sets out data regime changes
27 July 2015
New Zealand insurers will start reporting data to the Reserve Bank each quarter as of June 30, with the first returns due by August 25…
Adviser for Ace-owned insurer gets lifetime ban
20 July 2015
The Australian Securities and Investments Commission has permanently banned a former Ace Insurance authorised representative from the financial services industry, following a probe into selling practices at Combined Insurance…
Queensland insurance tax revenue rises
20 July 2015
The Queensland Government expects revenue from insurance taxes to grow 5.9% to $938 million in 2015/16, budget papers show…
Actuaries and insurers split on peer reviews
20 July 2015
The Insurance Council of Australia and the Actuaries Institute have taken opposing positions on insurer peer reviews…
Mutual complains of unfair expenses
20 July 2015
Mutual insurers face unnecessary compliance expenses because of technical legal costs that are not applied to general and life risk products, the mutual for McDonald's food chain franchisees has told the Senate…
Labor moves to reverse ‘unfair’ Queensland workers’ comp rules
20 July 2015
The Queensland Government has introduced new legislation to soften its workers’ compensation laws…
Regulations pave way for capital expansion
20 July 2015
Australian insurers will issue more contingent capital securities due to the country’s regulatory approach, a new report by Moody’s says…
CGU refunds $2 million to payday loan customers
13 July 2015
CGU Insurance and its wholly owned underwriting agency Accident and Health International will refund more than $2 million in payday loan consumer credit insurance premiums and fees…
NTI disputes truckers’ ‘safety crisis’ claim
13 July 2015
Truck driving is Australia’s “deadliest profession”, with the industry currently experiencing a safety crisis, the Transport Workers’ Union has told a Senate inquiry into road safety…