Filling insurer’s new risk requirements will not be cheap
20 May 2013
The Australian Prudential Regulation Authority’s new risk management standards may prove to be expensive for insurers…
Regulatory & Government
ICA backs bid to clarify LMI cover
20 May 2013
Plans for borrowers to receive lenders’ mortgage insurance information statements when home loans are approved have been “strongly” backed by the Insurance Council of Australia…
Regulator cracks down on NZ breaches
20 May 2013
The Reserve Bank of New Zealand has warned insurers it is taking a tougher approach to compliance breaches…
NT expects insurance tax collection to grow
20 May 2013
The NT Government expects to raise $36 million from insurance taxes in the year to June 30, rising to $38 million next financial year…
Spending on Canterbury rebuild rises
20 May 2013
The New Zealand Government estimates it will contribute $NZ15.2 billion ($12.62 billion) to the Canterbury earthquake recovery…
NZ to cut no-fault insurer levies
20 May 2013
New Zealand’s Accident Compensation Corporation will cut levies by about $NZ300 million ($249 million) in 2014/15, rising to $NZ1 billion ($830 million) from 2015/16…
Unfair contracts bill open for submissions
13 May 2013
The Federal Government has released draft legislation to add unfair contract terms to the Insurance Contracts Act…
APRA wants insurers to appoint independent risk officers
13 May 2013
General insurers will have to appoint independent chief risk officers under a new standard proposed by the Australian Prudential Regulation Authority…
Victoria’s insurance tax revenue to drop $580 million as FSL ends
13 May 2013
The Victorian Government’s insurance tax haul will drop in the next financial year as it removes the fire services levy (FSL) and replaces it with a $610.9 million property tax from July 1…
Insurers want Queensland workers’ comp opened up
13 May 2013
Insurers argue they can bring competition and innovation to the Queensland workers’ compensation scheme, currently run by a government authority…
Queensland to change worker definition
13 May 2013
The Queensland Government has introduced a bill to make its definition of “worker” the same as that used by the Australian Taxation Office…
WA WorkCover rates fall, but premiums rising
13 May 2013
The underlying trend among workers’ compensation premiums in WA is for rises, according to GIO…
APRA cracks down on conglomerate contagion risk
13 May 2013
Conglomerates – groups whose activities cross more than one industry – will have to perform internal capital adequacy assessments under draft standards proposed by the Australian Prudential Regulation Authority…
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…
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…