Suncorp completes compliance revamp
03 November 2014
Suncorp has upgraded its general insurance compliance system as part of a wider independent review and remediation process ordered by the Australian Securities and Investments Commission…
Regulatory & Government
Terrorism pool posts premium revenue increase
03 November 2014
The Australian Reinsurance Pool Corporation received premium revenue of $129.7 million in the year to June 30, up 1.9% on the previous year and 2.9% better than expected…
Commission aims to right Wrongs Act
03 November 2014
The Victorian Competition and Efficiency Commission recommends reforming the Wrongs Act to improve compensation for claimants…
NZ regulator prepares new insurer survey
03 November 2014
The Reserve Bank of New Zealand will run trials of a new quarterly insurer survey early next year…
Capital adequacy reports leave APRA unimpressed
27 October 2014
Insurers have been told to improve their capital adequacy reports following a review by the Australian Prudential Regulation Authority…
Brokers to feature on adviser register
27 October 2014
Some brokers may find themselves on the new Australian Securities and Investments Commission register of financial advisers…
ICA makes case for national hazard data
27 October 2014
Insurers and research groups have rejected the Productivity Commission’s claim that the country does not need a national platform to collect natural hazard data…
ACC’s profit falls as claims grow
27 October 2014
New Zealand’s Accident Compensation Corporation has reported a drop in profits after claims increased and investment income fell…
IAIS completes global capital standard
27 October 2014
The International Association of Insurance Supervisors has finished drawing up requirements for the first global insurance capital standard…
ICA flags contradictions in APRA risk management
20 October 2014
There are “inconsistencies” in the way the industry is required to manage risk, the Insurance Council of Australia says in response to proposed changes to prudential standards…
APRA ‘leads way’ in prudential supervision
20 October 2014
Australia has the Asia-Pacific region’s strongest insurance industry regulations, Standard & Poor’s says in a new report…
ASIC targets insurance add-ons
20 October 2014
The Australian Securities and Investments Commission is to focus its surveillance efforts on “add-on insurance” that is marketed inappropriately to consumers…
WA considers move to no-fault motor cover
20 October 2014
The WA Government has issued a green paper proposing the state’s compulsory third party insurance scheme move to a no-fault basis…
Victoria fails to pass consumer building law
20 October 2014
Attempts to reform home building laws in Victoria and replace privately run builders’ warranty insurance have failed…
Commission investigates industry growth trend
20 October 2014
The Productivity Commission has launched an investigation into weak growth in the financial and insurance sector in recent years…
Consumers must not pay for regulation: IAIS
20 October 2014
Regulators must ensure the cost of supervision is not passed to policyholders, the International Association of Insurance Supervisors says…
Natural disaster funding open to public debate
20 October 2014
The Productivity Commission will next week host a series of public hearings on its interim report into natural disaster funding…
Bushfire CRC marks disaster awareness day
20 October 2014
The International Day for Disaster Reduction last Monday was the focus for a forum by the Bushfire and Natural Hazards Co-operative Research Centre in Canberra…
Legal threat ‘makes councils cave in’ on risky developments
13 October 2014
Land use planning is the “problem child” of natural disaster management, according to Productivity Commissioner Karen Chester…
Aggregator ‘no solution’ to north Queensland affordability
13 October 2014
Mandatory participation in an insurance comparison site will not solve the problem of high premiums in disaster-prone northern Queensland, according to Allianz GM Corporate Affairs Nicholas Scofield…