ICA attacks ‘seriously flawed’ unfair terms draft
17 June 2013
Draft legislation to add unfair contract terms to insurance law is “seriously flawed” and could damage the industry, according to the Insurance Council of Australia…
Regulatory & Government
Government puts code deadline on car industry
17 June 2013
Independent motor repairers and carmakers have been given until the end of the year to make “substantial progress” on a voluntary code of conduct, before the Federal Government considers imposing…
Supervisory levy unfair, ICA argues
17 June 2013
Some insurers pay a disproportionate price for financial supervision because of they way they use reinsurance, an Insurance Council of Australia submission to Treasury claims…
ACT continues insurance tax phase-out
17 June 2013
The ACT will cut stamp duty on insurance premiums a further 20% from July 1, after announcing last year it would wind down the tax…
Consumer lawyers want unfair contract terms draft bill revised
11 June 2013
Proposals to add unfair contract terms to the Insurance Contracts Act should be tightened to ensure the Australian Securities and Investments Commission can investigate earlier, consumer advocates…
APRA praises insurers on LAGIC but some ‘could do better’
11 June 2013
Bigger is not necessarily better when it comes to insurers’ reports on internal capital adequacy assessment processes, regulators say…
FSL monitor releases final guidelines
11 June 2013
The Victorian Fire Services Levy Monitor has updated its guidelines for insurers in recognition of the fact that many have already dropped the charge from their policies…
Time to update dispute resolution benchmarks: ICA
11 June 2013
The benchmarks for dispute resolution schemes such as the Financial Ombudsman Service could be updated to reflect the greater use of social media, the Insurance Council of Australia…
WorkCover Queensland redefines worker
11 June 2013
Queensland has passed legislation aligning the definition of “worker” for WorkCover purposes with the pay-as-you-go test applied by the Australian Taxation Office…
Victoria announces building reforms as QBE restricts broker agreements
03 June 2013
Victorians will be better protected under a proposed overhaul of domestic building regulations, the State Government says…
APRA levy to rise as workload grows
03 June 2013
The financial services sector faces a 2.4% rise in Australian Prudential Regulation Authority levies in the year from July 1…
Supreme Court rejects Pratten challenge
03 June 2013
The NSW Supreme Court has dismissed Rural & General Insurance founder Charles Pratten’s bid to invalidate documents used in his criminal trial last year…
Queensland raises insurance taxes
03 June 2013
A federal minister has joined the insurance industry in criticising the Queensland Government for increasing stamp duty on general insurance products from 7.5% to 9%…
Quake complaints lower than expected, NZ ombudsman says
03 June 2013
New Zealand’s Insurance and Savings Ombudsman Scheme has handled more than 1000 inquiries but received only 65 formal complaints about Canterbury earthquake claims…
ACCC backs RACQ warranty repair scheme
03 June 2013
The Australian Competition and Consumer Commission has allowed RACQ Insurance to set labour rates for warranty repairs carried out by its approved network…
APRA targets ‘vulnerable and weak’ insurers
27 May 2013
The Australian Prudential Regulation Authority is to increase its focus on the way insurers manage risk in their organisations…
APRA to publish more insurance data
27 May 2013
The Australian Prudential Regulation Authority will publish more than 100 new statistics after reviewing its general insurance statistical publications…
Queensland publishes workers’ comp review
27 May 2013
The Queensland workers’ compensation scheme is meeting its objectives and compares well with other jurisdictions, according to a review of the program…
NSW greenslip changes penalise children, ALP says
27 May 2013
Children in NSW will be disadvantaged by changes to compulsory third-party motor vehicle insurance, according to the Labor Party…
Workers’ comp premiums rise for ACT construction
27 May 2013
WorkSafe ACT has recommended higher workers’ compensation premiums for the construction industry in response to its poor accident record…