Comparison sites could push up premiums: APRA
01 September 2014
The widespread use of comparison websites could increase premiums because of the impact on insurers, the Australian Prudential Regulation Authority says in its second…
Regulatory & Government
Comparison sites have questionable outcomes: Suncorp
01 September 2014
Suncorp has again voiced objections against expanding the use of comparison websites in the Australian insurance sector, saying that aggregators deliver “questionable consumer outcomes”…
IAG urges competition, opposes sharing with comparators
01 September 2014
IAG supports more competition in state-based statutory insurance schemes and opposes sharing information with comparison websites…
Consumer group calls for separate insurance probe
01 September 2014
Consumer group Choice believes the Financial System Inquiry has paid too little attention to insurance in its interim report, and wants a “discrete review of insurance as a high priority”…
ASIC backs comparator rules
01 September 2014
The Australian Securities and Investments Commission says new rules may be needed for comparison websites, while it also supports making disaster risk data available so consumers…
NIBA wants inquiry to target advisers, not brokers
01 September 2014
The National Insurance Brokers Association has urged the Financial System Inquiry to avoid saddling the broking sector with tough regulations developed to address…
ICA calls for reform to save LMI
01 September 2014
The Insurance Council of Australia wants the Financial System Inquiry to acknowledge the benefits of lenders’ mortgage insurance by reducing risk weights for residential housing…
Victoria widens risk management rules
01 September 2014
The Victorian Government has introduced laws forcing owners and operators of critical infrastructure to have risk management plans covering a wide range of threats…
Tasmania to cut motor insurance tax
01 September 2014
The Tasmanian Government will reduce its insurance duty on Motor Accident Insurance Board premiums in 2017/18…
NZ regulator invites submissions on data collection
01 September 2014
The Reserve Bank of New Zealand has released a consultation paper on its plan for regular insurance data collection and reporting…
Gill to chair NIBA’s code oversight committee
25 August 2014
The Financial Ombudsman Service and the National Insurance Brokers Association have agreed that the independent body overseeing compliance with the…
NT looks to reform workers’ comp
25 August 2014
Benefits will be capped and there will be more options to manage claims under proposed changes to the NT workers’ compensation scheme…
ASIC adds Laker to advisory group
25 August 2014
The Australian Securities and Investments Commission has appointed former Australian Prudential Regulation Authority chairman John Laker to its external advisory panel…
APRA eases fears on redemption of capital instruments
25 August 2014
The Australian Prudential Regulation Authority will allow redemption of Tier 1 and Tier 2 capital instruments due to tax events…
ASIC considers cutting PI red tape
25 August 2014
Stock market participants would no longer need to give the Australian Securities and Investments Commission (ASIC) details of their professional indemnity insurance…
RACQ wants tax deal for north Queensland insurance-buyers
18 August 2014
RACQ Insurance has called for tax deductions to be made available to people taking out insurance in cyclone-prone north Queensland…
APRA unveils plan for conglomerate supervision
18 August 2014
The Australian Prudential Regulation Authority has released a framework for the supervision of conglomerate groups, but implementation will be delayed until after the…
New law clears the way for fire protection
18 August 2014
Residents in bushfire-prone areas of NSW can clear land around their homes without seeking special permission under laws that take effect this month…
Victoria lags on bushfire retrofitting
18 August 2014
Guidelines to improve bushfire safety at Victorian schools, childcare centres, hospitals and aged care homes are more than two years overdue, according to a report on outcomes…
New Zealand FSL ‘unfair and outdated’
18 August 2014
The New Zealand Institute of Economic Research says the country should introduce property-based charges to fund its fire service, labelling the current levy on insurance…