ICNZ cool on raising dispute scheme cap
16 March 2015
The Insurance Council of New Zealand is unlikely to support plans to raise the cap on compensation that dispute resolution schemes can award in property insurance cases…
Regulatory & Government
RBNZ gives qualified tick to insurers’ risk governance
16 March 2015
New Zealand insurers’ risk governance is reasonably good and most are working to further improve it, according to the Reserve Bank of New Zealand…
Vic WorkSafe chiefs sacked over contamination scandal
09 March 2015
Victorian WorkSafe CEO Denise Cosgrove and Chairman David Krasnostein have been dismissed by Premier Daniel Andrews over toxic contamination of mains water at the Fiskville Country Fire Authority training centre…
Allianz, AHI at odds over consumer credit scandal
09 March 2015
Allianz has agreed to appoint an independent external company to review its supervision of third parties and to refund people who bought consumer credit insurance from payday lender The Cash Store…
Treasury calls for input on national injury scheme
09 March 2015
Treasury has called for submissions on its draft impact statement on the National Injury Insurance Scheme, which may affect compulsory third-party and workers’ compensation premiums in Australia…
Industry offered chance to make tax argument
09 March 2015
The Federal Government will soon release a discussion paper on tax reform, and Assistant Treasurer Josh Frydenberg has urged the insurance industry to participate…
Regulator examines no-claims discount schemes
09 March 2015
The Australian Securities and Investments Commission has criticised no-claims discount schemes on motor insurance policies, warning they “do not operate in the way consumers might reasonably expect”…
AAMI fined over ‘misleading’ ads
09 March 2015
The Australian Securities and Investments Commission has fined Suncorp personal lines brand AAMI $20,400 for “false or misleading” car insurance adverts…
Insurance affordability a ‘critical issue’ for Government
02 March 2015
High premiums in north Queensland have made insurance there a public policy matter, Assistant Treasurer Josh Frydenberg says…
APRA monitors commercial lines pricing
02 March 2015
The Australian Prudential Regulation Authority is concerned some commercial lines pricing is too low, Deputy Chairman Ian Laughlin says…
Insurers ‘too conservative’ on consumer advice
02 March 2015
Insurers can do more to help consumers buy the right cover without breaching laws on giving advice, according to Australian Securities and Investments Commission Deputy Chairman Peter Kell…
ASIC examines add-on and consumer credit insurance
02 March 2015
Insurers must take some responsibility for ensuring products meet consumers’ needs, Australian Securities and Investments Commission Deputy Chairman Peter Kell told last week’s Insurance Council of Australia regulatory seminar…
Advice concerns well founded, ASIC says
02 March 2015
The Australian Securities and Investments Commission says it has been proved right in describing the financial advice industry as high risk…
Stay of execution for reinsurance pool?
02 March 2015
Assistant Treasurer Josh Frydenberg has hinted the Federal Government will not axe the Australian Reinsurance Pool Corporation…
TIO sale was inevitable, Senate hears
23 February 2015
The Territory Insurance Office had a high concentration of risk and could not compete against national insurers, a Federal Senate committee has heard…
Payday lender fined over ‘useless’ credit insurance
23 February 2015
The Federal Court has imposed record penalties totalling $18.975 million against failed payday lender The Cash Store and its loan funder, including fines for the sale of “useless” consumer credit insurance…
No surprises in APRA’s risk margin ratings
23 February 2015
Insurers’ risk margins are in line with general expectations, according to the Australian Prudential Regulation Authority…
ASIC beefs up guidelines on enforceable undertakings
23 February 2015
The Australian Securities and Investments Commission says businesses’ compliance with enforceable undertakings will be made public from next month…
Insurers back WA no-fault CTP
23 February 2015
Insurers support the introduction of a no-fault compulsory third party scheme in WA, but say it must be consistent and fair…
NZ motor vehicle levies to drop
23 February 2015
New Zealand’s Accident Compensation Corporation will reduce its average annual motor vehicle levy from $330 to $195 from July 1…