Fire levy monitor has brokers in sights
18 August 2014
Victorian Fire Services Levy Monitor Allan Fels says he is stepping up an investigation into insurance intermediaries…
Regulatory & Government
No movement on NZ Earthquake Commission review
18 August 2014
New Zealand insurers are not holding their breath on reform of the Earthquake Commission, as the country prepares for national elections next month…
Ex-Lumley chief Bhatia takes NSW state role
11 August 2014
Former Lumley General Insurance CEO Vivek Bhatia will become CEO of the NSW Government’s Safety Return to Work and Support Division…
South Australia revamps WorkCover
11 August 2014
The SA Government has introduced legislation to overhaul its workers’ compensation scheme, stopping payments to moderately injured workers after two years and establishing…
FOS adjudicators ‘should understand insurance’
11 August 2014
Adjudicators appointed to hear Financial Ombudsman Service (FOS) disputes must have an intimate knowledge of the insurance industry, RACQ Insurance says…
Regulators issue statements of intent
11 August 2014
The Australian Securities and Investments Commission considers “financial innovation-driven complexity in products” to be one of its major challenges…
Advisory group to review defence services scheme
11 August 2014
The Federal Government has appointed advisory group McGrathNicol to conduct a scoping study that could lead to abolition of the Defence Service Homes Insurance Scheme…
Terrorism pool targets expansion
04 August 2014
The Australian Reinsurance Pool Corporation hopes to expand its role to address “concerning” gaps in coverage…
Murray to host inquiry forums
04 August 2014
The Financial System Inquiry will hold public forums across the country this month to discuss its progress so far…
ICA flags problems with disclosure amendment
04 August 2014
The Insurance Council of Australia has told Federal Treasury that changes to the duty of disclosure introduce onerous requirements for insurers…
Victoria sets flood-mapping schedule
04 August 2014
The Victorian Government says it will complete statewide floodplain mapping within 18 months, with the data used for planning, emergency response and insurance pricing…
ICA warns against added legislation on contract terms
04 August 2014
Small businesses are already “well protected” when it comes to unfair contract terms in general insurance contracts, the Insurance Council of Australia has told a Federal Government review…
ASIC keeps an eye on ads
04 August 2014
Financial product advertising and the quality of advice remain on the radar of the Australian Securities and Investments Commission…
ICA opposes WA proposals on terrorism, asbestos
04 August 2014
The Insurance Council of Australia has rejected WorkCover WA proposals to increase the terrorism liability cap for insurers from $25 million per event to $100 million…
ICA supports ASIC financial literacy strategy
04 August 2014
Australians will benefit from the new three-year National Financial Literacy Strategy 2014-17 announced by the Australian Securities and Investments Commission…
ACC recommends levy cuts
04 August 2014
New Zealand’s Accident Compensation Corporation has changed proposed cuts to levies on motorists following a public consultation…
FSI leaves risk questions unanswered: Deloitte
28 July 2014
The Financial System Inquiry’s interim report does not address its own terms of reference on risk-sharing, according to Deloitte…
ASIC stops broker licences over reporting failures
28 July 2014
The Australian Securities and Investments Commission has cracked down on several insurance brokers that failed to lodge audited annual statements…
ICA urges APRA to rethink LMI stance
28 July 2014
The Australian Prudential Regulation Authority should recognise the role lenders’ mortgage insurance plays in supporting home loans, the Insurance Council of Australia says…
Insurers avoid New Zealand regulatory review
28 July 2014
The Reserve Bank of New Zealand will not include insurance in a major review of prudential regulation…