Victorian brokers warned about FSL changeover
28 October 2013
Carelessness may be to blame for brokers charging Victoria’s fire services levy on policies after its July 1 removal…
Regulatory & Government
Net claims drop for Queensland workers’ comp
28 October 2013
WorkCover Queensland incurred net claims of $1.14 billion last financial year, down 7% due to a lower outstanding claims liability…
Financial reinsurance should be seen as debt: RBNZ
28 October 2013
The Reserve Bank of New Zealand wants to treat financial reinsurance as a loan when calculating an insurer’s minimum solvency capital…
ICA signs ‘epic’ Queensland flood data deal
21 October 2013
The Queensland Government has given the Insurance Council of Australia full access to its flood data, in a bid to address affordability issues…
IAIS begins consultation on supervision framework
21 October 2013
The International Association of Insurance Supervisors has proposed standards for insurance company boards, policyholder protection schemes and risk management policies that cover…
ARPC close on CEO appointment
21 October 2013
The Australian Reinsurance Pool Corporation is close to announcing a new CEO after David Matcham left on October 4, concluding his three-year contract…
Queensland strips minor law claims from workers’ comp
21 October 2013
The Queensland Government will exclude minor injuries from common law claims under amendments to its WorkCover legislation…
Victoria clamps down on TAC mental injury payouts
21 October 2013
Victoria is to tighten its rules on compensation payments for long-term, serious mental injury following traffic accidents…
ICA voices concern on global capital standard
14 October 2013
Insurers are concerned about plans to develop a risk-based global insurance capital standard, the Insurance Council of Australia says…
WorkCover SA opens claims agent nominations
14 October 2013
Employers in SA can now nominate which agent will manage their WorkCover claims next year…
ICA opposes training plans
14 October 2013
The Insurance Council of Australia has opposed plans for more stringent adviser education requirements, arguing they will create a barrier to careers in the industry and will increase costs…
FSL Monitor warns Victorian brokers
14 October 2013
A small group of Victorian brokers face fines of up to $10 million after Victoria’s Fire Services Levy Monitor said it is investigating complaints from people who say they were charged the levy after it was dropped…
Court rejects bid to further strengthen Christchurch buildings
14 October 2013
Christchurch City Council has no power to impose stricter building-strengthening rules, according to a court ruling that could save insurers millions of dollars…
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…
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…