Report calls for TIO to roll out across north
08 September 2014
The Federal Government should negotiate with state authorities to let the Territory Insurance Office (TIO) extend its coverage across northern Australia, according to a report…
Regulatory & Government
ICA urges restraint on underinsurance, comparators
08 September 2014
The Insurance Council of Australia recommends holding fire on regulatory intervention regarding underinsurance and price comparison websites…
Allianz rejects proposal for ‘forced marriage’ with aggregators
08 September 2014
Allianz has come out strongly against the suggestion that insurers should be compelled to co-operate with comparison websites…
PDS complexity ‘drives underinsurance’
08 September 2014
Complicated product disclosure statements contribute to underinsurance among low-income earners, according to Good Shepherd Microfinance…
APRA rejects lenders’ mortgage changes
08 September 2014
The Australian Prudential Regulation Authority has argued against giving banks more favourable treatment for loans backed by lenders’ mortgage insurance…
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…
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…