IAIS consults on loss requirements for major players
29 June 2015
The International Association of Insurance Supervisors has started consultation on higher loss absorbency requirements for global systemically important insurers…
Regulatory & Government
Abbott attacks insurers’ northern premiums approach
22 June 2015
Prime Minister Tony Abbott has called on the insurance industry to “explain itself” over high property premiums in northern Australia and hinted that a solution could involve “new entrants” or “different types of insurance products”…
Senate committee splits on Comcare reform bill
22 June 2015
The Federal Government’s workers’ compensation scheme, Comcare, must be reformed to remain financially viable, the Senate was told last week…
ASIC considers peer panel to deter ‘delinquents’
22 June 2015
The Australian Securities and Investments Commission warns it will crack down on “delinquent culture”, and may set up a peer-review disciplinary panel for financial services…
FMA outlines oversight priorities
22 June 2015
New Zealand’s Financial Markets Authority will focus its resources on seven strategic priorities including governance and culture over the next four years…
SA insurance tax revenue to fall
22 June 2015
The SA Treasury expects less revenue from general insurance duties in 2015/16, reflecting lower premium growth…
APRA rules on reinsurance and assets
22 June 2015
The Australian Prudential Regulation Authority has clarified how reinsurance arrangements should be treated as assets, following a consultation that started last year…
NSW WorkCover watchdog calls for simpler system
15 June 2015
Amendments made to WorkCover NSW in 2012 have left the program “overly complex and a source of confusion and frustration for all scheme participants”, according to the WorkCover Independent Review Office…
IAG pushes insurance tax reform
15 June 2015
IAG has called for the abolition of stamp duty on insurance in its submission to the Federal Government’s tax discussion paper…
UK report ‘a shot in arm’ for Lloyd’s coverholders
15 June 2015
The UK insurance regulator’s critical review of delegated authorities reinforces the value of local representation, according to Talbot Australia MD Adam Matteson…
Laughlin to leave APRA
15 June 2015
Australian Prudential Regulation Authority Deputy Chairman Ian Laughlin will leave the insurance regulator at the end of this month when his five-year term expires…
Palaszczuk ‘righting the wrongs’ of Newman WorkCover changes
15 June 2015
The Queensland Government is to wind back “harsh and unfair” changes to WorkCover legislation made under former premier Campbell Newman…
NZ FMA shakes up executive team
15 June 2015
New Zealand’s Financial Markets Authority has announced appointments and a new role within its executive team…
NZ considers commissions ban
09 June 2015
The New Zealand Government is consulting on regulation of the financial advice industry, with commissions in the firing line…
Credit card providers to improve travel insurance disclosure
09 June 2015
Credit card issuers and insurers have agreed to improve the information they disclose about travel cover provided through their cards…
ICA hopes for insurance tax breakthrough
09 June 2015
The Insurance Council of Australia believes the Federal Government’s tax discussion paper could provide a crucial breakthrough on the long-awaited abolition of insurance stamp duty…
ASIC turns spotlight on corporate culture
09 June 2015
Australian Securities and Investments Commission Chairman Greg Medcraft says company culture is set to become an area of interest for the regulator…
ACCC wants power to run consumer lawsuits
09 June 2015
The competition regulator has welcomed a call for it to have the power to seek redress on behalf of consumers and small businesses affected by breaches of competition law.…
ICA makes case for axing state levies
01 June 2015
Abolishing state stamp duties on insurance premiums would result in a more efficient tax system, the Insurance Council of Australia says in a submission on the Federal Government’s tax discussion paper…
ACT to complete stamp duty phase-out
01 June 2015
The ACT will remove stamp duty from general and life insurance from July 1 next year, tomorrow’s budget will show…