Breaches cost Suncorp $23 million in payouts
01 July 2013
Suncorp has paid $23 million in refunds after failing to deliver promoted discounts and policy upgrades…
Regulatory & Government
Unfair contract terms bill reaches Parliament
01 July 2013
A bill to include unfair contract terms in the Insurance Contracts Act has been introduced to the House of Representatives…
APRA consults on reinsurance arrangements
01 July 2013
The Australian Prudential Regulation Authority has launched a consultation on insurers’ reinsurance counterparties, as it seeks “a complete picture” of how reinsurer downgrade or failure would affect groups…
Real makes changes as ASIC digs in over funeral cover
01 July 2013
The Australian Securities and Investments Commission expects to take further action following its investigations into funeral insurance…
NZ ombudsman expects five more years of quake disputes
01 July 2013
Complaints concerning Canterbury earthquake damage could continue for another five years, New Zealand’s Insurance and Savings Ombudsman warns…
Bill widens scope for electronic communication
24 June 2013
Insurers will find it easier to communicate electronically with clients after the Senate last week passed the Insurance Contracts Amendment Bill, which gives greater certainty about information that can be sent…
ASIC plans to raise requirements for financial advisers
24 June 2013
The Australian Securities and Investments Commission has proposed higher training standards for financial advisers…
NSW CTP reforms stall
24 June 2013
The NSW Government will delay plans to reform the state’s compulsory third-party insurance scheme after failing to secure support in the Parliament’s upper house…
Former attorney-general slams disaster mitigation efforts
24 June 2013
Outgoing Labor MP and former attorney-general Robert McClelland has criticised emergency management procedures in Australia…
WA Insurance Commission dividend ‘a cash-grab’
24 June 2013
A bill requiring the Insurance Commission of WA to pay dividends will push up premiums, state Shadow Treasurer Ben Wyatt says…
Medcraft urges behavioural change through education
24 June 2013
Investor education should promote financial literacy and behavioural change, says Australian Securities and Investments Commission Chairman Greg Medcraft…
NSW to release building review paper
24 June 2013
The NSW Government is to reveal proposed building law reforms following a review of current arrangements…
IASB releases revised contract proposals
24 June 2013
The International Accounting Standards Board is seeking comments on its revised draft proposals for insurance contracts…
NZ insurers to examine solvency proposals
24 June 2013
The Insurance Council of New Zealand is forming a working party to examine solvency standards proposed by the Reserve Bank of New Zealand…
Price joins Laughlin on Financial Reporting Council
24 June 2013
Senior regulators John Price and Ian Laughlin have been made part-time members of the Financial Reporting Council…
IAIS seminar focuses on ‘three pillars’
24 June 2013
More than 120 members and guests discussed key regulatory issues at the International Association of Insurance Supervisors’ sixth annual global seminar last week…
Accountants cleared for GI product advice under limited licences
17 June 2013
Accountants will be able to give general insurance product advice to retail and wholesale clients under limited Australian financial services licences, according to new Australian Securities and Investments…
KPMG sees no let-up in regulatory reforms
17 June 2013
General insurers face more regulatory changes in the next financial year, according to KPMG partner Craig Davis…
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…
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…