ICA favours NSW greenslips reform
13 May 2013
The Insurance Council of Australia has supported reforms aiming to increase the efficiency and affordability of the NSW compulsory third-party insurance scheme…
Regulatory & Government
ASIC warns on recruitment processes
13 May 2013
Australian financial services licensees must have “robust” recruitment processes to ensure staff meet required standards, the industry regulator has warned…
ASIC finds comparison tool ‘potentially misleading’
13 May 2013
Online comparator JustEzi has been forced to remove a car insurance comparison tool after the Australian Securities and Investments Commission found it “potentially misleading”.…
Supervisory levy unfair, ICA claims
06 May 2013
The financial institutions supervisory levy – under which the industry pays to be regulated – hits some general insurers disproportionately hard due to their use of reinsurance, the Insurance Council of Australia…
NSW WorkCover premiums to fall
06 May 2013
The NSW Government has cut the average WorkCover premium by 7.5% under the reform of its workers’ compensation program begun last year…
Comcare to crack down on mental illness claims
06 May 2013
Mental injury claims under Comcare are to face greater scrutiny and prompt a more rehabilitative approach to returning employees to work, according to the Federal Government…
Push contracts reform through, politicians urged
06 May 2013
New contract legislation must be passed as soon as possible to bring in key reforms, according to the Insurance Council of Australia…
ACCC backs RACQ enhanced warranty repair service
06 May 2013
The Australian Competition and Consumer Commission plans to let RACQ Insurance set the labour rate for warranty repairs undertaken by its approved network…
ASIC consults on financial literacy plans
06 May 2013
The Australian Securities and Investments Commission has launched a consultation on its new financial literacy strategy…
ICA opposes APRA bid to publish stats
29 April 2013
The Insurance Council of Australia has raised “serious concerns” about plans to publish all information gathered under the Financial Sector (Collection of Data) Act…
Kell appointed ASIC Deputy Chairman
29 April 2013
Peter Kell will begin a five-year term as Deputy Chairman of the Australian Securities and Investments Commission on May 6…
High-risk mortgages ‘need greater risk weighting’
29 April 2013
Large mortgages require a higher risk weighting, the Insurance Council of Australia has told the Reserve Bank of New Zealand…
Terrorism insurance pool seeks detailed address data
29 April 2013
The body that runs the Federal Government’s terrorism reinsurance scheme says it will soon require extra address information for exposures in key postcodes…
Education will cut road toll, actuaries say
29 April 2013
Raising awareness of the way road accidents affect lives is the key to reducing crash numbers, according to the Actuaries Institute…
Court again delays sentence on ex-broker Horsell
22 April 2013
Former broker Craig Horsell will be sentenced next month on dishonesty charges after the Adelaide District Court last week adjourned the matter for a second time…
Regulators to move closer, quicker: KPMG
22 April 2013
Insurers face more intrusive supervision and early intervention, according to a report on global regulation…
NZ consumer law concession ‘not enough’
22 April 2013
New Zealand’s insurance industry has won a concession in the Consumer Law Reform Bill, but it does not go far enough, according to legal firm DLA Phillips Fox…
SMSF insurance advice poor, ASIC says
22 April 2013
Insurance advice given to self-managed super fund investors is often inadequate, according to a report by the Australian Securities and Investments Commission…
Risk specialists give thumbs-down to global supervision
22 April 2013
The international market benefits from the application of a variety of enterprise risk management and capital management practices, and this diversity is better than the imposition of a common framework…
Government ‘committed’ to expanding Islamic products
22 April 2013
Australia is a growth market for Islamic financial services including insurance, Parliamentary Secretary to the Treasurer Bernie Ripoll says…