Government steers clear of FOS review
10 February 2014
The Federal Government says it has no plans to review the Financial Ombudsman Service’s activities, contrary to reports…
Regulatory & Government
Insurers raise concerns on APRA risk rules
10 February 2014
Insurers have questioned new board-level risk requirements from the Australian Prudential Regulation Authority that involve the use of catastrophe modelling…
IBANZ chief joins Financial Service Complaints board
10 February 2014
Insurance Brokers Association of New Zealand CEO Gary Young has joined the board of dispute resolution scheme Financial Service Complaints Limited…
ICA urges WorkCover WA to cut red tape
10 February 2014
Insurers are supporting moves to streamline WorkCover WA claims settlement and give injured workers quick access to injury management, the Insurance Council of Australia says…
Legal group slams SA CTP reforms
10 February 2014
The Law Society of SA has criticised the State Government over changes to compulsory third party motor insurance…
NT extends WorkSafe consultation
10 February 2014
The NT Government has extended a public comment period for its workers’ compensation scheme review until February 28…
Industry loses fight for combined CRO role
03 February 2014
The Australian Prudential Regulation Authority has rejected industry calls for the role of chief risk officer to be undertaken by insurers’ chief actuaries…
Coalition to amend brokers’ best-interests duty
03 February 2014
General insurance brokers will be required to satisfy only basic best-interests obligations, under a bill amending the Future of Financial Advice legislation…
NZ commission calls for submissions on Lumley takeover
03 February 2014
IAG has told New Zealand’s Commerce Commission that its takeover of Lumley New Zealand’s operations will not substantially reduce competition…
Productivity Commission to examine disaster funding
03 February 2014
The Productivity Commission is to hold an inquiry into national disaster funding arrangements…
SA Government to overhaul WorkCover
03 February 2014
South Australians will be able to sue their employers at common law under a major redesign of the state’s workers’ compensation scheme…
Reinsurance pool names new CFO
03 February 2014
The Australian Reinsurance Pool Corporation has named Fran Raymond as its new CFO…
ASIC permanently bans Victorian broker
03 February 2014
The Australian Securities and Investments Commission has permanently banned broker and convicted fraudster Bruce Wickett from providing financial services…
NZ regulator to release solvency standards
03 February 2014
The Reserve Bank of New Zealand plans to publish revised insurance solvency standards during the first quarter…
ICA defends insurers on disability discrimination
03 February 2014
Federal exemptions from disability discrimination laws allow insurers to manage risks appropriately, the Insurance Council of Australia has told an Australian Law Reform Commission inquiry…
Former AMP boss joins financial services inquiry
03 February 2014
Former AMP CEO Craig Dunn has been appointed to the Federal Government’s financial services inquiry…
APRA demands board involvement in stress-testing
16 December 2013
General insurers have identified improvements to stress-testing regimes for the next year to 18 months, but boards must set out clear plans to achieve them, the Australian…
Comcover receives State Mine fire claims
16 December 2013
Thirteen compensation claims have been lodged over the State Mine bushfire that destroyed homes near Lithgow in NSW, Federal Government insurer Comcover says…
ASIC reveals policy on financial calculators
16 December 2013
The Australian Securities and Investments Commission has released its policy on the regulation of generic financial calculators…
Accounting plans ‘fall short on convergence’
16 December 2013
Two draft insurance accounting standards released this year contain differences that will hamper investor comparisons and which fall short of achieving global consistency, according to Moody’s…