Ace to compensate Combined victims
29 February 2016
Ace will pay $1 million to financial counselling and literacy initiatives and a “significant sum” to compensate customers following mis-selling at its subsidiary Combined Insurance…
Regulatory & Government
ASIC report exposes car dealers’ insurance sales tactics
29 February 2016
Consumers often yield to car dealers’ pressure to buy add-on insurance products such as motor cover, according to a report from the Australian Securities and Investments Commission…
ReturnToWork SA plans to raise bar for self-insurance
29 February 2016
ReturnToWork SA has produced a draft policy that would stop SMEs in the state self-insuring…
Queensland spreads word on no-fault injury scheme
29 February 2016
Queensland Treasurer Curtis Pitt has launched a public awareness campaign to highlight the state’s proposed no-fault compulsory third party (CTP) insurance scheme…
Border force reviews asbestos protections
29 February 2016
The Australian Border Force has initiated a review of its asbestos controls…
Ministers act on flammable cladding findings
22 February 2016
The Building Ministers Forum has agreed “a range of measures” to address safety concerns associated with non-compliant building cladding on high-rise buildings…
ARPC expands retrocession cover to $2.9 billion
22 February 2016
The Australian Reinsurance Pool Corporation has increased this year’s retrocession cover to $2.9 billion from $2.6 billion last year, and its excess has been reduced to $350 million from $400 million…
Regulatory change ‘increases focus on consumer protection’
22 February 2016
Consumer protection is now high on the agenda for chief compliance officers, according to an insurance industry report by Ernst & Young…
Judgement drags insurers into insolvency disputes
22 February 2016
A High Court ruling that allows third-party claimants to join an insolvent defendant’s insurer to proceedings could have significant implications for the industry, according to an international law firm…
ACT Uber drivers to pay higher CTP premiums
22 February 2016
Ride-share providers in the ACT will pay higher compulsory third party premiums than private car owners, the territory’s insurance regulator says…
ASIC bans ex-Guardian adviser for churning
22 February 2016
Former Guardian Advice financial adviser Andrew Moroney has been permanently banned for churning…
Brokers code under more scrutiny
15 February 2016
Two Financial Ombudsman Service “own-motion inquiries” into the insurance industry will take place in April and June…
Actuaries urge Canberra to budget for disaster
15 February 2016
The Actuaries Institute has encouraged the Federal Government to support natural disaster mitigation policies that give “longer-term paybacks”…
MPs to consider bill to cut life commissions
15 February 2016
The Federal Government has introduced to Parliament legislation restricting life insurance commissions from July 1…
Safe Work Australia names new chairman
15 February 2016
Employment Minister Michaelia Cash has appointed Diane Smith-Gander as Chairman of Safe Work Australia for the next three years…
ICA rejects changes to competition laws
15 February 2016
There is no need to change competition laws that have been effective in preventing harmful practices, the Insurance Council of Australia says…
SA presses on with workers’ comp reforms
15 February 2016
ReturnToWorkSA is targeting further improvements after its board approved a list of initiatives outlined in the strategic plan for 2015-18…
Premiums taskforce findings still under wraps
08 February 2016
The Northern Australia Insurance Premiums Taskforce’s final report was handed to the Government well before Christmas – but there are still no signs of it being made public…
Scrap insurance stamp duty, says taxpayers group
08 February 2016
Inefficient insurance stamp duties should be removed and replaced by an increase in goods and services tax, Taxpayers Australia says…
FOS plans review of code compliance
08 February 2016
The Financial Ombudsman Service will examine insurers’ compliance with industry codes of practice as part of a wider review of financial services providers…