NZ election promises draw mixed response
14 July 2014
The Insurance Council of New Zealand has rejected a Labour Party campaign promise to establish an insurance commissioner, but it supports plans to overhaul…
Regulatory & Government
NT workers’ comp falls short on funding ratio
14 July 2014
Insurers in the NT workers’ compensation scheme had a “funding ratio” of 91% at June 30 last year, according to a report by PricewaterhouseCoopers…
Disclosure regime ‘needs overhaul’
07 July 2014
The insurance product disclosure regime is “poor and inadequate” and the “vast majority” of consumers do not read the relevant statements, the Financial Rights Legal Centre warns…
ASIC puts back group purchasing deadline
07 July 2014
The Australian Securities and Investments Commission has extended a deadline on new rules for group purchasing bodies involved in risk management, as efforts intensify…
Smash repair inquiry calls for licensed assessors
07 July 2014
A NSW parliamentary inquiry into the state’s smash repair industry says insurance assessors should be licensed, with a “three strikes and you’re out” policy for breaches of…
Homeowners ‘need clearer picture’ on rebuild costs
07 July 2014
Home insurers should be required to give consumers key information about rebuild costs so they can make informed choices on coverage, Legal Aid NSW says…
NIBA attacks state-run workers’ comp
07 July 2014
The National Insurance Brokers Association has told the Federal Government’s Competition Policy Review that “ongoing government monopolies” remain in the insurance industry…
ICA backs tow truck regulation
07 July 2014
The Insurance Council of Australia has backed continued regulation of the NSW tow truck industry, to improve safety and protect consumers…
CTP profits may face scrutiny
07 July 2014
A parliamentary report on NSW’s compulsory third party scheme has called for a review of “the high level of insurer profits”…
ASIC bans broker over client impersonations
07 July 2014
The Australian Securities and Investments Commission has permanently banned a Victorian broker who impersonated policyholders…
Byres takes reins at APRA
30 June 2014
Wayne Byres will take over as Chairman of the Australian Prudential Regulation Authority tomorrow…
Flood programs will take decades to complete
30 June 2014
It will take at least 20 years to implement the backlog of flood management works in NSW at the current rate of funding, the Floodplain Management Association says…
Actuaries call for flood pool
30 June 2014
The Federal Government should establish a temporary reinsurance flood pool to provide incentives for flood mapping and mitigation, the Actuaries Institute says…
ICA requests broader consultation on levies
30 June 2014
The levies cover the costs of the Australian Prudential Regulation Authority and other agencies including the Australian Securities and Investments Commission…
APRA updates concentration risk charge
30 June 2014
The Australian Prudential Regulation Authority has revised prudential standard 117 concerning the asset concentration risk charge, after discovering an error in its drafting…
ICA warns on NSW motorbike laws
30 June 2014
New NSW motorbike laws could increase personal injury and motor vehicle claims costs and complexity, according to the Insurance Council of Australia…
NSW to restore WorkCover benefits
30 June 2014
Amputees and people with hearing damage will have their medical benefits restored as the NSW Government winds back cuts to its WorkCover scheme…
Call to rewrite WorkCover WA legislation
30 June 2014
A review of WA’s workers’ compensation legislation says it should be rewritten and a new statute issued…
Chia swaps ambulances for accidents
30 June 2014
The SA Motor Accident Commission has appointed Aaron Chia as CEO…
FOFA’s commissions ban avoids brokers
23 June 2014
Commissions on financial products sold following general advice will be banned under forthcoming changes to the Future of Financial Advice legislation…