Buried report criticises EQC
14 October 2013
New Zealand’s Earthquake Commission was complacent and poorly prepared for the Canterbury disasters, according to a report…
Regulatory & Government
WA to continue workers’ comp revamp
07 October 2013
The WA Government plans to overhaul the state’s Workers’ Compensation and Injury Management Act after a series of “piecemeal” changes over the past 30 years…
ACC reports surplus as rehab improves
07 October 2013
New Zealand’s Accident Compensation Corporation made a $NZ4.93 billion ($4.34 billion) surplus last financial year and could be fully funded by 2019…
ASIC cancels planner’s licence over PI shortfall
07 October 2013
The Australian Securities and Investments Commission has cancelled a Perth planning company’s financial services licence after it failed to obtain professional indemnity insurance and entered…
ICNZ calls for competition in accident cover
07 October 2013
The Insurance Council of New Zealand has questioned planned cuts to Accident Compensation Corporation levies and argued for a switch to a competitive injury insurance model…
RBNZ publishes insurers’ ratings
07 October 2013
The Reserve Bank of New Zealand has published insurers’ financial strength ratings under a new regulatory system for the industry…
APRA to step up data collection from conglomerates
30 September 2013
Financial conglomerates will have to submit data to regulators more often under proposed rules that aim to prevent another AIG-style meltdown…
ICA calls for rethink on FSB risk principles
30 September 2013
Small companies may be disadvantaged by unnecessarily strict language in a proposed international risk appetite framework, the Insurance Council of Australia warns…
APRA calls for focus on catastrophe risk
30 September 2013
The insurance industry must pay more attention to catastrophe risk management, Australian Prudential Regulation Authority Executive Member Ian Laughlin warns…
ICA questions privacy law guidelines
30 September 2013
The Insurance Council of Australia has raised concerns about the Australian Privacy Principles draft guidelines, which will be central to new privacy laws due next March…
WA workers’ comp claims hold steady
30 September 2013
The workers’ compensation environment in WA remained healthy and sustainable last financial year, according to WorkCover WA’s annual report…
Hockey assumes insurance role
23 September 2013
New Federal Treasurer Joe Hockey will take responsibility for financial services and insurance in the Coalition Government…
Westpac calls for Son of Wallis to review insurance
23 September 2013
A government inquiry into the financial system should take a broad approach and include insurance, according to Westpac Institutional Bank Group Executive Rob Whitfield…
General insurers fear cost of elevating CROs
23 September 2013
The Australian Prudential Regulation Authority’s proposal for chief risk officers to be independent of other roles is proving unpopular with general insurers…
VMIA profits from fewer claims, higher investment income
23 September 2013
The Victorian Managed Insurance Authority has reported a $244 million operating profit for the year to June 30, driven by surging investment income and a drop in claims and expenses…
ACC consults on rate decreases
23 September 2013
New Zealand’s Accident Compensation Corporation has proposed lower levy rates and the introduction of risk rating for cars…
Victorian workers’ comp scheme returns to profit
23 September 2013
WorkSafe Victoria has recorded a $1.08 billion profit for the year to June 30, recovering from a $676 million loss the previous year via increased investment income and changes to the calculation of claims liability…
Payday lender to face court over alleged insurance breaches
16 September 2013
The Australian Securities and Investments Commission has launched Federal Court proceedings against a payday lender that also sold consumer credit insurance…
WA regulator calls for split in builders’ warranty cover
16 September 2013
WA’s Economic Regulation Authority has recommended splitting builders’ warranty insurance into construction and warranty cover, and letting the building industry provide post-construction warranty…
ASIC unveils stakeholder survey results
16 September 2013
Most stakeholders hold positive views of the Australian Securities and Investments Commission, but key limitations are also identified in the regulator’s annual survey…