ASIC updates record-keeping rules
22 September 2014
The Australian Securities and Investments Commission has revised its record-keeping obligations…
Regulatory & Government
NIBA urges ASIC to understand brokers’ role
15 September 2014
The National Insurance Brokers Association has welcomed proposed upgrades to financial product advisers’ education requirements, but it has again expressed concern…
Sinodinos appearance raises questions about management
15 September 2014
Assistant Treasurer Arthur Sinodinos has done nothing to reinforce his suitability for the role during his latest appearance at the NSW Independent Commission Against Corruption…
White paper to address ‘crisis’ in north
15 September 2014
The cost of insurance in northern Australia will feature in a government white paper before the end of the year…
Consumer groups call for LMI, regulation inquiries
15 September 2014
The Consumer Action Law Centre and the Financial Rights Legal Centre have called for separate inquiries into the insurance industry…
ICA rejects higher general insurance training
15 September 2014
The Insurance Council of Australia says training standards for general insurance providers are suitable and the sector shouldn’t be swept up in demands for higher financial adviser education…
Frydenberg tipped for Sinodinos job
08 September 2014
Melbourne MP Josh Frydenberg is considered the likely replacement for Assistant Treasurer Arthur Sinodinos…
CGU’s fire levy stoush ends with enforceable undertaking
08 September 2014
Victoria’s Fire Services Levy Monitor Allan Fels has accepted an enforceable undertaking from CGU after a bitter dispute over the refund of excess sums collected from customers…
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…
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…