Murray report receives industry nod
15 December 2014
The Financial System Inquiry’s final report has gained broad support from the insurance industry…
Regulatory & Government
Victorian injury law reforms to drive up claims: ICA
15 December 2014
Proposed changes to Victoria’s personal injury laws are likely to increase the size and number of insurance claims lodged, according to the Insurance Council of Australia…
ASIC to consult on general advice orders
15 December 2014
The Australian Securities and Investments Commission will consult on remaking class orders concerning general advice that are due to expire under sunset clauses…
Insurers seek change on claims reporting
15 December 2014
The Insurance Council of Australia has asked the Australian Prudential Regulation Authority to change insurers’ obligations for reporting claims development…
ASIC to award Queensland comparator contract
15 December 2014
The Australian Securities and Investments Commission has identified a preferred partner to set up a home and contents insurance comparison website for north Queensland…
ASIC reveals forum details
15 December 2014
The Australian Securities and Investments Commission will host next year’s annual forum in Sydney on March 23-24…
SME claims fall 15% under WorkCover NSW reforms
08 December 2014
WorkCover NSW has reported a 15% drop in the number of workers’ compensation claims against SME employers…
Law report backs damages-based billing
08 December 2014
The Productivity Commission says restrictions on lawyers offering claimants damages-based billing should be removed, to promote access to justice…
ICA calls for clarification of directors’ duties
08 December 2014
The Insurance Council of Australia has asked the prudential regulator to amend its guide to company directors, to improve its clarity and consistency…
APRA turns attention to ‘soft stuff’
08 December 2014
The Australian Prudential Regulation Authority is paying increased attention to institutions’ culture and values, according to Deputy Chairman Ian Laughlin…
Law accessibility report backs legal expenses cover
08 December 2014
Legal expenses insurance could improve average Australians’ access to justice, according to the Productivity Commission…
APRA finalises risk management standard
08 December 2014
The Australian Prudential Regulation Authority has issued an amended prudential standard on risk management, but has rejected many of the industry’s concerns about responsibility falling onto boards…
WA set to move to no-fault CTP
08 December 2014
The WA Government looks likely to introduce a no-fault compulsory third party scheme for people catastrophically injured in motor accidents…
Productivity watchdog urges lawyers’ PI review
08 December 2014
The Productivity Commission has called for an independent review of lawyers’ professional indemnity insurance…
ICA warns of pitfalls from overhaul of child abuse laws
08 December 2014
The Insurance Council of Australia has raised “substantial” concerns about removal of the statute of limitations for civil actions relating to criminal child abuse in Victoria…
Insurers expect higher injury awards under new NZ law
08 December 2014
Changes to personal injury laws may produce higher payouts and require changes to vehicle insurance and public liability policies, according to the Insurance Brokers Association of New Zealand…
Andrews names new cabinet in Victoria
08 December 2014
Tim Pallas has taken over as Treasurer of Victoria following Labor’s state election victory…
TIO sale legislation passes in late-night sitting
01 December 2014
The Senate will proceed with an investigation into the sale of the Territory Insurance Office, despite the NT Government approving the $424 million deal last Tuesday…
APRA issues prudential standards
01 December 2014
The Australian Prudential Regulation Authority has released five final prudential standards that will apply to the general insurance industry from January 1…
APRA looks to reduce regulatory burden
01 December 2014
The Australian Prudential Regulation Authority is to release a report outlining measures to reduce the regulatory burden on industries it oversees…