Enforcement actions on the rise
12 November 2012
The Australian Prudential and Regulation Authority took 36 enforcement actions related to general insurance in 2011/12, compared with only two the year before…
Regulatory & Government
Claims inflation raises Canterbury earthquakes cost
12 November 2012
The insurance cost of the Canterbury earthquakes has topped the previous estimate of $NZ30 billion ($23.8 billion) as the cost of claims continues to rise…
Financial services growth increases ASIC’s challenge
12 November 2012
The growth in financial services, their increasing complexity and the need for proactive regulation are the three key challenges facing the Australian Securities and Investments Commission, says ASIC…
RBNZ reviewing reinsurance agreements
12 November 2012
The Reserve Bank of New Zealand is about to begin a consultation on financial reinsurance agreements…
APRA responds to capital reporting concerns
05 November 2012
The Australian Prudential Regulation Authority has acted on industry concerns about general insurance capital standards reporting…
Higher premiums boost Australian Reinsurance Pool
05 November 2012
Rising insurance premiums have flowed through to the Australian Reinsurance Pool Corporation, which made an operating profit of $83.49 million for the 12 months to June 30, up 36% on the previous…
NSW emergency levy consultation closes
05 November 2012
Consultation on changes to the funding of NSW’s emergency services has now closed, after it was extended from October 8 to October 31…
Canberra cuts medical indemnity subsidy
05 November 2012
The Federal Government hopes to save $22.9 million over the next four years by cutting its subsidy for doctors’ medical indemnity insurance…
Misconduct claims falling, says ASIC
05 November 2012
Corporate behaviour appears to be improving, with reports of alleged misconduct falling to their lowest level in four years, according to the Australian Securities and Investments Commission…
IAIS aims to make standards globally acceptable
05 November 2012
The International Association of Insurance Supervisors says setting standards to meet members’ needs is one of its key challenges…
Barker retains TAC role after quitting WorkSafe
05 November 2012
Paul Barker will stay on as Chairman of Victoria’s Transport Accident Commission despite resigning as deputy chairman of WorkSafe Victoria in protest at the appointment of CEO Denise Cosgrove…
NIBA holds back code from ASIC regulations
29 October 2012
The National Insurance Brokers Association will not register its recently released code of practice under the new Australian Securities and Investments Commission regulations…
Australia helps mitigate disasters overseas: Roxon
29 October 2012
The Federal Government is working on disaster mitigation overseas and at home, Attorney-General Nicola Roxon told the Asian Ministerial Conference on Disaster Reduction in Indonesia last week…
NZ ACC plans lower rates
29 October 2012
New Zealand’s Accident Compensation Corporation expects to reduce levy rates for workers and earners next financial year…
Earthquakes commission report hits delay
29 October 2012
The Canterbury Earthquakes Royal Commission will deliver its final report by November 30, after its hearings into the collapse of the CTV building in Christchurch took longer than expected…
APRA cracks down on reinsurance statements
22 October 2012
The Australian Prudential Regulation Authority is worried about insurers’ reinsurance statements after last year’s natural disasters…
Claims blowout hits Comcare
22 October 2012
The Federal Government’s in-house workers’ compensation scheme Comcare suffered a loss in the year to June as claims provisions boomed…
Canberra reviews seafarers’ compensation scheme
22 October 2012
The seafarers’ compensation scheme Seacare is to be reviewed, to bring it in line with recent maritime reforms and national work health and safety laws…
ASIC reviews financial advisers’ training
22 October 2012
The Australian Securities and Investments Commission is preparing a consultation paper on training for financial advisers as it works towards the implementation of the Future of Financial Advice…
Premiums expected to rise if NZ crime victims bill passes
22 October 2012
New Zealand insurers will review premiums if the Government passes a law allowing crime victims to seek compensation from offenders, insurance lawyers have warned…