QBE refunds $1.1 million in Victorian fire service levies
18 November 2013
QBE has blamed a programming error in two of its computer systems for continuing to charge the Victorian fire services levy on premiums after it was dropped on July 1…
Regulatory & Government
ICA calls for privacy law to respect insurers’ rights
18 November 2013
New legislation to punish serious privacy breaches must recognise insurers’ legitimate need to investigate fraud, the Insurance Council of Australia has told an Australian Law Reform Commission inquiry…
EQC reinsurance expense stabilises
18 November 2013
New Zealand’s Earthquake Commission has negotiated $NZ3.25 billion ($2.88 billion) of reinsurance at similar rates to last year, CEO Ian Simpson says in the annual report…
ALRC seeks submissions on disability review
18 November 2013
The Australian Law Reform Commission has called for industry feedback on an issues paper examining the impact federal laws have on disabled people…
Enforcement and globalisation to feature at ASIC annual forum
18 November 2013
The next Australian Securities and Investments Commission annual forum in March will focus on regulation across borders, enforcement and cybercrime…
Government disbands Insurance Reform Advisory Group
11 November 2013
The Insurance Reform Advisory Group has been scrapped under Prime Minister Tony Abbott’s drive to cut bureaucracy…
APRA urged to rethink levies
11 November 2013
The Australian Prudential Regulation Authority’s levy-setting methodology should be reconsidered because it is increasingly collecting levies on behalf of other agencies, according to the Australian National…
NSW avoids strata insurance commission ban
11 November 2013
The NSW Government appears to have backed away from banning the payment of insurance commissions to strata managers, but it could legislate to require full disclosure…
Government’s red tape drive to cover ASIC and APRA
11 November 2013
The Abbott Government’s push to reduce regulation will extend to the Australian Securities and Investments Commission and Australian Prudential Regulation Authority, according to…
ARPC expects commercial premiums to soften
11 November 2013
The Australian Reinsurance Pool Corporation has forecast weaker commercial property premiums, as the recent growth trend nears an end…
Psychological harm takes toll on Comcare
11 November 2013
Psychological injury costs in the Commonwealth public service continue to rise, while the length of time staff stay off work has grown in the past year…
Actuaries question global contract proposal
11 November 2013
The Actuaries Institute says some of the International Accounting Standards Board’s proposals for a single insurance contract standard must be reassessed if it is to work for all preparers and users…
PI cover failing the market, FOS warns
04 November 2013
Professional indemnity insurance is failing to fulfil its role of compensating consumers when financial service providers collapse, the Financial Ombudsman Service says…
ICNZ attacks state-owned insurer plan
04 November 2013
The creation of another state-owned insurance company would be unnecessary and ill-conceived, the Insurance Council of New Zealand says…
ASIC wants national exam for advisers
04 November 2013
The Australian Securities and Investments Commission has called for a national exam to improve the training and competence of financial advisers…
APRA warns insurers against the ‘search for yield’
04 November 2013
General insurers have been warned about investment risks amid persisting low interest rates, according to the Australian Prudential Regulation Authority…
ASIC’s revenue from fines drops
04 November 2013
The Australian Securities and Investments Commission collected $85.2 million in fines last financial year, down slightly from $85.3 million…
Ausure AR told to change misleading websites
28 October 2013
The Australian Securities and Investments Commission has forced Insure 247 – which is an authorised representative of Ausure Insurance Brokers – to change misleading or deceptive advertising on its websites…
Ripoll brings experience to shadow role
28 October 2013
Bernie Ripoll has been appointed Opposition spokesman for Financial Services and Superannuation, bringing experience in the sector to the position…
ICA urges Tasmania to scrap stamp duty, fire levies
28 October 2013
The Insurance Council of Australia has called on the Tasmanian Government to scrap its 10% stamp duty on insurance and property and its fire services levies on insurance…