APRA to face increased government oversight
02 June 2014
The Australian Prudential Regulation Authority will face closer scrutiny from the Federal Parliament, with the House of Representatives’ Economics Committee establishing…
Regulatory & Government
APRA levy on GI industry holds steady
02 June 2014
The Australian Prudential Regulation Authority aims to generate $21 million in levies from the general insurance industry in 2014/15, with the sum unchanged from…
Queensland to boast lowest WorkCover rates
02 June 2014
Queensland’s average premium rate for workers’ compensation will be the nation’s lowest when it falls 17% next financial year…
Don’t rely on mortgage insurance, APRA tells lenders
02 June 2014
Banks and other lenders should not consider lenders’ mortgage insurance an alternative to due diligence on borrowers, the Australian Prudential Regulation Authority…
Regulator relents on financial condition reports
02 June 2014
The Australian Prudential Regulation Authority will allow insurers to lodge financial condition reports up to four months after balance dates, instead of the three-month deadline it imposed from April 1…
WA opens asbestos compensation inquiry
02 June 2014
The WA Law Reform Commission is to review compensation rules for sufferers of asbestos-related diseases…
Private market ‘cannot cover all terror risks’
26 May 2014
The threat of terrorism remains and the private reinsurance market does not have the capacity to cover all commercial property, according to the Australian Reinsurance Pool Corporation’s…
APRA reviews insurance in ADIs
26 May 2014
The Australian Prudential Regulation Authority is examining how general and life insurance companies fit into authorised deposit-taking institutions…
ACC signals levy cuts
26 May 2014
New Zealanders have been told to expect cuts in levies for the Accident Compensation Corporation no-fault injury scheme…
SA flags WorkCover reforms
26 May 2014
South Australia’s workers’ compensation rules may change in July next year as the State Government presses ahead with plans for a major overhaul of the system, employers…
Now IAG sweats on RBNZ review of Lumley takeover
26 May 2014
The Reserve Bank of New Zealand has acknowledged that IAG’s takeover of Lumley NZ is significant for the country’s insurance market, but has not confirmed…
Victorian fire levy drops following reform
26 May 2014
The Victorian Government has reduced its fire services levy, a year after the charge was removed from insurance premiums and added to council rates…
Equality review waves away insurance issues
26 May 2014
The private insurance market has largely escaped scrutiny under the Australian Law Reform Commission’s review of equality, capacity and disability in Commonwealth laws…
Terrorism markets recovering: Willis Re
19 May 2014
Sufficient capacity exists in private terrorism markets to allow for a withdrawal from the Australian Reinsurance Pool Corporation, according to Willis Re…
NZ brokers win fire services levy legal case
19 May 2014
New Zealand’s Court of Appeal has rejected an attempt by the country’s Fire Service Commission to change the way the fire service levy is applied to commercial premiums…
NT insurance tax take better than forecast
19 May 2014
Growing insurance expenditure by Northern Territorians will add $9 million to NT tax revenues in 2014/15…
ICA says privacy plans may boost claims
19 May 2014
Proposed laws to strengthen privacy protection could lead to higher claims costs and premiums, the Insurance Council of Australia warns…
Christchurch rebuild bill rising
19 May 2014
The rebuilding of earthquake-stricken Christchurch is expected to cost the New Zealand Government $NZ15.4 billion ($14.24 billion) – 3% more than earlier forecast…
Treasury pushes aggregator for north Queensland insurance
12 May 2014
The Federal Government is pursuing options for an insurance aggregator for northern Queensland in a Treasury discussion paper addressing the cost of home and strata title cover in the region…
Victoria flags weaker commercial premium growth
12 May 2014
Commercial premium growth in Victoria is likely to slow this year because of competition, according to the state’s Treasury…