Solve affordability issue or be regulated, industry told
11 March 2013
Insurance affordability and an onslaught of international regulation are key challenges for the industry, according to Ian Harper of Deloitte Access Economics…
Regulatory & Government
APRA to focus on boards, disclosure and risk management
11 March 2013
The Australian Prudential Regulation Authority will continue to work on improving disclosure and risk management, according to Executive Member Ian Laughlin…
Government wants industry input into insurance affordability solution
11 March 2013
The insurance industry must help the Federal Government find ways to make insurance more affordable, the Insurance Council of Australia regulatory update seminar has heard…
Brokers hold on to commissions under ASIC rules
11 March 2013
The National Insurance Brokers Association is still reviewing the Australian Securities and Investments Commission’s conflicted remuneration regulatory guide…
SA to introduce CTP revamp
11 March 2013
Premiums will be cut on SA’s compulsory third party scheme from July 1, under legislative changes introduced last week…
APRA rules on actuarial calculations
11 March 2013
The Australian Prudential Regulation Authority has clarified its expectations for insurers’ calculation of the premium liability offset…
ACC names Willis executive as new CEO
11 March 2013
New Zealand’s Accident Compensation Corporation has named Scott Pickering of Willis as its new CEO, following the departure of Ralph Stewart last December…
Accountants allowed to give general insurance advice
04 March 2013
Accountants will be able to provide broad general insurance advice under a limited Australian financial services licence from July 1 this year…
ASIC sets out code guidelines
04 March 2013
Codes of conduct for financial services bodies must meet the opt-in objectives of the Future of Financial Advice legislation to win approval, according to the Australian Securities and Investments Commission…
NZ tribunal fines Insured Group over late accounts
04 March 2013
New Zealand’s Markets Disciplinary Tribunal has again fined Insured Group for late delivery of its annual report to the country’s stock exchange…
Planners fear PI rate rises under FOFA
04 March 2013
Financial planners may see their professional indemnity insurance rates rise under the Future of Financial Advice (FOFA) reforms, an Australian Securities and Investments Commission panel has heard…
Insurers back ‘no-fault’ CTP scheme for NSW
04 March 2013
Insurers have welcomed proposed changes to NSW’s costly compulsory third party scheme…
ASIC busts FOFA myths
04 March 2013
Several myths have arisen regarding the Future of Financial Advice reforms, the Australian Securities and Investments Commission has warned…
Regulator to check brokers’ trust funds
04 March 2013
The Financial Markets Authority in New Zealand says it will visit businesses including insurance brokers to ensure clients’ money is held in appropriate trust funds…
Government closer to revealing flood cover affordability plans
25 February 2013
The Federal Government’s approach to making flood insurance more affordable will be revealed before the middle of the year, according to Financial Services Minister Bill Shorten…
APRA plans insurance data revamp
25 February 2013
The Australian Prudential Regulation Authority is proposing an overhaul of its general and life insurance data publications and says it wants all statistics submitted by general insurers to be non-confidential…
ASIC wants flood option on all policies
25 February 2013
About 80% of people are able to access flood cover in their insurance policies, but the figure should be 100%, according to the Australian Securities and Investments Commission…
Regulator seeks CTP overhaul in NSW
25 February 2013
The Motor Accidents Authority has called for an overhaul of the NSW compulsory third party insurance scheme, to make it more efficient and affordable…
ACCC considers NRMA Insurance complaints
25 February 2013
The Australian Competition and Consumer Commission says it is investigating allegations of bullying and harassment against NRMA Insurance…
Queensland bulks up disaster resilience legislation
25 February 2013
The Queensland Government has widened the role of the state’s reconstruction authority to include improving disaster resilience…