Risk management proposal too tough: ICA
31 March 2014
The Australian Prudential Regulation Authority’s proposed guide on risk management puts impossible obligations on insurer board members, according to the Insurance Council of Australia…
Regulatory & Government
Actuaries call for access to government data
31 March 2014
The Actuaries Institute has called for an open-data regime allowing increased access to important federal government information…
Medcraft warns of cybercrime threat
31 March 2014
Cybercrime is the next big issue facing the financial services industry, according to Australian Securities and Investments Commission Chairman Greg Medcraft…
ICA seeks relief for big banks over LMI
31 March 2014
Housing affordability could be improved by giving capital relief to large banks that use lenders’ mortgage insurance (LMI), the Insurance Council of Australia…
Call to put NSW WorkCover in private hands
24 March 2014
Despite recent reforms and premium cuts of 12.5%, NSW should follow WA’s example and hand workers’ compensation functions to private insurers, a state parliamentary inquiry heard last week…
Senate stalls FOFA amendments
24 March 2014
Changes to the Future of Financial Advice legislation have been slowed, with the Senate referring the amendment bill to the Finance and Public Administration Legislation Committee…
Cormann returns to financial services role
24 March 2014
Finance Minister Mathias Cormann has taken over the federal financial services portfolio after Assistant Treasurer Arthur Sinodinos stepped down from the role last week…
Comcare reforms fall short: Willis
24 March 2014
Reforms allowing all national companies to self-insure through the Federal Government’s Comcare workers’ compensation scheme do not go far enough, according to major broker Willis…
Suncorp warns NSW inquiry on smash repair costs
24 March 2014
Costs for vehicle smash repairs could rise 25% if insurers are prevented from directly arranging work for policyholders, Suncorp Personal Insurance CEO Mark Milliner warns…
Murray seeks ‘impartial’ submissions
24 March 2014
David Murray says the success of his financial system inquiry will partly depend on the quality of submissions…
Lawyer warns over contract act amendment dates
24 March 2014
The range of start dates for amendments to the Insurance Contracts Act means insurers must navigate a compliance maze, Minter Ellison partner Pam Madafiglio warns…
Brokers may need tax agent registration
17 March 2014
General insurance brokers may have to register as tax agents if they give advice on taxation when selling policies…
ACCC sets sights on comparators
17 March 2014
The Australian Competition and Consumer Commission will closely monitor comparison websites to ensure buyers of insurance and other products are not misled…
Victoria to remove commercial defects insurance
17 March 2014
The Victorian Government plans to remove the requirement for commercial property builders to have defects insurance…
WA changes workers’ comp penalties
17 March 2014
WorkCover WA has increased the number of offences that can be addressed with infringement notices and modified penalties…
ASIC forum to focus on global regulatory changes
17 March 2014
Global developments in financial sector regulation will be on the agenda when the Australian Securities and Investments Commission holds its annual forum on March 24 and 25…
RBNZ warns insurers on director notifications
17 March 2014
The Reserve Bank of New Zealand has warned insurers to notify it “in a timely manner” of changes of relevant officers and directors…
ICA backs changes to scaled advice in FOFA
10 March 2014
The Insurance Council of Australia supports proposed changes to the Future of Financial Advice legislation that clarify scaled advice requirements…
Workers’ comp rules put NSW claimants at ‘disadvantage’
10 March 2014
WorkCover rules on insurers’ use of lawyers are unfair to NSW claimants and should be amended, a report by WorkCover Independent Review Officer Kim Garling says…
Insurers over-collected $12.7 million in final Victorian levies
10 March 2014
Insurers over-collected $12.7 million in fire services levies in the final year of the Victorian charge, FSL Monitor Allan Fels says…