Government names north Australia premiums taskforce
11 May 2015
Former Treasury executive director Mike Callaghan has been made head of the Northern Australia Insurance Premiums Taskforce, to examine setting up a cyclone mutual or reinsurance pool…
Regulatory & Government
ASIC cancels brokers’ licences
11 May 2015
The Australian Securities and Investments Commission has cancelled the licences of two insurance brokers for failing to lodge audited annual statements…
SA unveils details of CTP privatisation
11 May 2015
The SA Government will establish an industry regulator to ensure premiums remain reasonable when it privatises the compulsory third party motor market…
ASIC works on remediation guide
11 May 2015
The Australian Securities and Investments Commission is developing a regulatory guide on review and remediation programs in the financial advice industry…
Competition slows Victorian insurance tax growth
11 May 2015
The Victorian Government has budgeted for reduced insurance tax revenue growth in 2015/16, due to pressure on rates…
Productivity Commission reveals disaster funding plan
04 May 2015
The Federal Government should give less money to states and territories following disasters and provide more funding for mitigation, the Productivity Commission says…
Brokers ‘not part of problem’ on education: NIBA
04 May 2015
The National Insurance Brokers Association says a proposed new education framework for financial advisers should not apply to its members…
NT channels TIO funds into flood mitigation
04 May 2015
The NT Government has allocated $57.5 million of the $410.9 million it made selling the Territory Insurance Office for flood mitigation projects…
Competition thrives despite stronger regulation: Byres
04 May 2015
Capital requirements are not constraining insurers and banks’ capacity to compete, Australian Prudential Regulation Authority Chairman Wayne Byres says…
Allianz pays up over breaches
04 May 2015
Some 20,000 customers have been refunded more than $1.4 million by Allianz Australia Insurance and Allianz Australia Life Insurance for two breaches of financial services law in 2013…
ACTU calls for harsher penalties on negligent bosses
04 May 2015
The Australian Council of Trade Unions wants tougher penalties to hold company bosses accountable for workplace deaths…
APRA clarifies aggregate reinsurance
04 May 2015
The Australian Prudential Regulation Authority has clarified its rules on aggregate reinsurance and how it will be used when calculating companies’ capital requirements…
Insurers may need more capital: KPMG
04 May 2015
Insurers may be required to hold more capital under new risk-based rules from the Australian Prudential Regulation Authority, according to KPMG…
Regulation sets out new disclosure wording
27 April 2015
The Federal Government has introduced a new regulation concerning disclosure statements in insurance contracts…
WA no-fault CTP ‘to go ahead’
27 April 2015
A proposed no-fault compulsory third party scheme for WA will be approved, according to reports citing leaked budget papers…
NZ appoints five brokers to government panel
27 April 2015
The New Zealand Government has appointed a five-broker panel for all its risk financing and insurance broking services, in a bid to improve efficiency…
Comcare completes leadership team before overhaul
27 April 2015
Comcare has appointed two new executives to its leadership team…
ACC publishes vehicle risk ratings
27 April 2015
New Zealand’s Accident Compensation Corporation has published risk ratings for vehicles in advance of lower levies from July 1…
Insurers want faster response from APRA
20 April 2015
Insurers want the Australian Prudential Regulation Authority to respond in a timely manner to their concerns, according to the Insurance Council of Australia…
APRA considers dropping insurer peer review
20 April 2015
Insurers may no longer have to obtain external peer reviews of their appointed actuaries’ insurance liability valuation reports, under a proposal from the Australian Prudential Regulation Authority…