TIO sale was inevitable, Senate hears
23 February 2015
The Territory Insurance Office had a high concentration of risk and could not compete against national insurers, a Federal Senate committee has heard…
Regulatory & Government
Payday lender fined over ‘useless’ credit insurance
23 February 2015
The Federal Court has imposed record penalties totalling $18.975 million against failed payday lender The Cash Store and its loan funder, including fines for the sale of “useless” consumer credit insurance…
No surprises in APRA’s risk margin ratings
23 February 2015
Insurers’ risk margins are in line with general expectations, according to the Australian Prudential Regulation Authority…
ASIC beefs up guidelines on enforceable undertakings
23 February 2015
The Australian Securities and Investments Commission says businesses’ compliance with enforceable undertakings will be made public from next month…
Insurers back WA no-fault CTP
23 February 2015
Insurers support the introduction of a no-fault compulsory third party scheme in WA, but say it must be consistent and fair…
NZ motor vehicle levies to drop
23 February 2015
New Zealand’s Accident Compensation Corporation will reduce its average annual motor vehicle levy from $330 to $195 from July 1…
APRA looks to save $20 million cutting red tape
23 February 2015
The Australian Prudential Regulation Authority aims to make regulatory cost savings of $20.97 million for insurers and other industry sectors, after launching a review last year…
SA plans ‘radical’ tax overhaul
16 February 2015
The SA Government wants to reform the state’s tax system, including the way levies are imposed on insurance…
Actuaries call for budget action on disaster mitigation
16 February 2015
The Federal Government should include estimates of natural disaster costs in the budget’s statement of risks, the Actuaries Institute says…
Insurers face disappointment on EQC review
16 February 2015
New Zealand insurers are likely to be disappointed after requesting significant changes to the operations of the Earthquake Commission…
IAIS takes steps to improve transparency
16 February 2015
The International Association of Insurance Supervisors has proposed opening up all policy proposals for public consultation…
Adviser register on track for March release
16 February 2015
ASIC says it is “well advanced” in developing a public register of financial advisers…
NSW workers’ comp incentives roll out to larger firms
09 February 2015
WorkCover NSW is to offer incentives such as premium cuts to about 15,000 large and medium-sized employers with 2.6 million staff, in a bid to reduce claims and lift return-to-work rates…
Victoria reviews WorkSafe, TAC
09 February 2015
The Victorian Government will hold a review aimed at improving the effectiveness and efficiency of WorkSafe and the Transport Accident Commission…
ICA calls for budget action on mitigation, APRA funding
09 February 2015
The next federal budget should prioritise funding for disaster mitigation, the Insurance Council of Australia has told Treasury…
Frydenberg to address ICA seminar
09 February 2015
The industry will get its first indication of how new Assistant Treasurer Josh Frydenberg views insurance on February 27 at the Insurance Council of Australia’s regulatory seminar…
Terrorism pool cuts capacity
09 February 2015
The Australian Reinsurance Pool Corporation has reduced its capacity after cutting this year’s retrocession program to save money…
WA’s proposed no-fault CTP ‘too expensive’
09 February 2015
Concerns have been raised about the cost of WA’s proposed no-fault compulsory third party scheme, which Premier Colin Barnett has hinted will be introduced in this year’s state budget…
Letterheads ‘barrier’ leads to QBE change
09 February 2015
QBE has agreed to use its own corporate letterheads to contact clients after concerns were raised by the Australian Securities and Investments Commission…
NZ minister flags minor changes to EQC Act
09 February 2015
The New Zealand Government has proposed only minor changes to the Earthquake Commission following a review…