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…
Regulatory & Government
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…
Sydney adviser sentenced over tombstoning
10 March 2014
A former Sydney financial adviser has been convicted of “tombstoning” – submitting life insurance applications in the names of dead or fictitious people…
China looks to learn from Australian disaster work
10 March 2014
The Chinese Government has sent a delegation to Australia to review the insurance industry’s response to natural disasters…
Actuary tasked to study North Queensland strata ‘crisis’
03 March 2014
A new Australian Government Actuary study into north Queensland strata insurance will contribute to measures aimed at curbing soaring premiums, according…
APRA pushes for modelling improvements
03 March 2014
“Blind reliance” on catastrophe models could lead to inadequate reinsurance for natural catastrophes, Australian Prudential Regulation Authority Deputy Chairman Ian Laughlin warns…
Home policies, add-on insurance under ASIC scrutiny
03 March 2014
The Australian Securities and Investments Commission plans to release a report mid-year on home insurance selling after the NSW bushfires highlighted concerns about consumers…
Expert calls for combined general and health regulation
03 March 2014
The Federal Government’s financial system inquiry should “bite the bullet” and recommend a single regulator for general and health insurance, according to Deloitte Access Economics partner Ian Harper…
ACT introduces no-fault lifetime injury cover
03 March 2014
The ACT Government has introduced legislation to set up a no-fault insurance scheme for people who are seriously injured in car accidents in the territory…
NIBA calls for rethink on client interests in FOFA
03 March 2014
The National Insurance Brokers Association has urged the Government to clarify its position on personal advice in its revision of the Future of Financial Advice legislation…
White-collar crims ‘need harsher penalties’
24 February 2014
Tougher penalties are needed to deter corporate crime, according to Australian Securities and Investments Commission Chairman Greg Medcraft…
FOS chief explains role monitoring systemic failures
24 February 2014
The Financial Ombudsman Service operates a system to log and investigate systemic failures in companies, Chief Ombudsman Shane Tregillis says…
RBNZ talks tough as new regime gather pace
24 February 2014
The Reserve Bank of New Zealand has flagged a tougher approach to compliance breaches and warned government support is not guaranteed for insurers that fail…
Step up disaster mitigation, actuaries say
24 February 2014
The Actuaries Institute has called for more work to prevent disaster losses as part of a holistic risk management program…
SA workers’ comp scheme cuts claim length
24 February 2014
WorkCover SA says new initiatives for returning people to work have driven a 15% reduction in the number of income maintenance claims extending past two weeks…
NIBA wants Murray to tackle regulation, FNQ ‘failure’
17 February 2014
The “one-size-fits-all” regulatory approach is inappropriate for brokers and incurs unnecessary costs, the National Insurance Brokers Association will tell the financial services inquiry…
PI pricing stuck in ‘regulatory quagmire’
17 February 2014
Federal government investigations into professional indemnity (PI) insurance for financial advisers should consider the industry’s regulatory complexity, Aon Hewitt Wealth Management…