APRA releases reinsurance documents
14 April 2014
The Australian Prudential Regulation Authority has released final documents for new reinsurance data collection requirements for general insurers…
Regulatory & Government
WA cuts WorkCover rates
14 April 2014
WA WorkCover rates will fall 6.7% next financial year to an average recommended premium of 1.556% of total wages – down from 1.668% in the current year…
Regulation stifles expansion: IAG
07 April 2014
IAG says the Australian Prudential Regulation Authority is penalising the company for its Asian expansion strategy…
APRA seeks end to funding cuts
07 April 2014
The Australian Prudential Regulation Authority has called for an end to “efficiency dividend” funding cuts and has defended its performance in the insurance sector…
QBE seeks tax abolition, regulatory reform
07 April 2014
State insurance taxes should be abolished and excessive regulation wound back, QBE says in a submission to the financial system inquiry…
ICA calls for review of regulatory creep, affordability
07 April 2014
The financial system inquiry should examine the regulatory burden on the insurance sector and its impact on affordability and ability to write risk, the Insurance Council of Australia…
NIBA condemns product disclosure program
07 April 2014
The product disclosure regime has failed to help consumers make better decisions about financial products, according to the National Insurance Brokers Association…
QBE calls for LMI incentive
07 April 2014
Lenders’ mortgage insurance could disappear from the marketplace if lenders are not given capital relief, QBE LMI warns…
ASIC calls for update to obsolete penalties
07 April 2014
The Australian Securities and Investments Commission aims to raise its penalties in line with other regulators, a parliamentary committee has heard…
Insurers stymied over government access, executives say
31 March 2014
A lack of communication between the Federal Government and the insurance industry is raising concerns that Canberra is making decisions without a clear understanding of the sector’s issues…
Let private sector into workers’ comp and CTP: Suncorp
31 March 2014
Private insurers should play a greater role in workers’ compensation and compulsory third party schemes, Suncorp says in its submission to the financial system inquiry…
NZ regulator delays decision on IAG-Lumley deal
31 March 2014
New Zealand’s Commerce Commission has deferred until April 30 its decision on IAG’s proposed takeover of Lumley NZ, following strong opposition…
Cormann holds fire on FOFA changes
31 March 2014
The Federal Government has put on hold plans to change part of the Future of Financial Advice legislation…
Risk management proposal too tough: ICA
31 March 2014
The Australian Prudential Regulation Authority’s proposed guide on risk management puts impossible obligations on insurer board members, according to the Insurance Council of Australia…
Actuaries call for access to government data
31 March 2014
The Actuaries Institute has called for an open-data regime allowing increased access to important federal government information…
Medcraft warns of cybercrime threat
31 March 2014
Cybercrime is the next big issue facing the financial services industry, according to Australian Securities and Investments Commission Chairman Greg Medcraft…
ICA seeks relief for big banks over LMI
31 March 2014
Housing affordability could be improved by giving capital relief to large banks that use lenders’ mortgage insurance (LMI), the Insurance Council of Australia…
Call to put NSW WorkCover in private hands
24 March 2014
Despite recent reforms and premium cuts of 12.5%, NSW should follow WA’s example and hand workers’ compensation functions to private insurers, a state parliamentary inquiry heard last week…
Senate stalls FOFA amendments
24 March 2014
Changes to the Future of Financial Advice legislation have been slowed, with the Senate referring the amendment bill to the Finance and Public Administration Legislation Committee…
Cormann returns to financial services role
24 March 2014
Finance Minister Mathias Cormann has taken over the federal financial services portfolio after Assistant Treasurer Arthur Sinodinos stepped down from the role last week…