No concerns about ASIC turning brokers into advisers
18 February 2013
The Australian Securities and Investments Commission’s move to label brokers as “insurance advisers” could cause problems over the best-interests duty regulations…
Regulatory & Government
Bushfire research gets funding boost, extended to natural hazards
18 February 2013
The Federal Government will provide $47 million toward a new Bushfire and Natural Hazards Co-operative Research Centre to build on the work of the existing centre and expand research into other natural hazards…
Mortgage insurance needs regulatory revamp
18 February 2013
A group of international financial regulators known as the Joint Forum is recommending a code of practice to keep the lenders’ mortgage insurance sector healthy and functional…
Craig Horsell to be sentenced next month
18 February 2013
Former SA broker Craig Horsell will be sentenced next month on dishonesty charges after the Adelaide District Court last week adjourned his case for further submissions…
New chair for Safe Work Australia
18 February 2013
Ann Sherry has been appointed as the new chair for Safe Work Australia…
ICA questions APRA’s proposed crisis powers
11 February 2013
The Insurance Council of Australia has challenged a proposal to strengthen the Australian Prudential Regulation Authority’s crisis management powers…
Insurers want disaster mitigation, state tax reform
11 February 2013
Disaster mitigation, reform of state taxes and steps to tackle insurance affordability should all be considered in the next Federal Budget, the Insurance Council of Australia says in its submission…
Broker pleads guilty to theft of premium money
11 February 2013
Victorian broker Bruce Wickett has admitted stealing more than $660,000 of clients’ money…
Reinsurance pool increases retrocession cover
11 February 2013
The Federal Government’s Australian Reinsurance Pool Corporation, which administers the terrorism reinsurance scheme, has increased its retrocession cover…
NZ brokers and insurers reject fire service levy recommendation
11 February 2013
A review of the funding of New Zealand’s fire service has recommended the insurance levy be calculated on premiums rather than the sum insured for non-residential property…
Bushfire research funding to finish mid-year
11 February 2013
Federal Government funds towards the support of the Bushfire Co-operative Research Centre will dry up from July this year, leaving questions about future funding for research…
Insurers want tax overhaul in SA
11 February 2013
Abolishing transactional taxes, including stamp duty on insurance, in favour of increases to payroll and land taxes would provide the South Australian Government with a much needed financial boost…
Insurance employee charged over false claims allegations
11 February 2013
A 56-year old Adelaide woman has been charged over false insurance claims totalling $335,000…
Unfair terms clause to be written into Insurance Contracts Act
04 February 2013
The Federal Government will add unfair contract terms to the Insurance Contracts Act, removing insurers’ exclusion from provisions that are standard in consumer protection laws…
ASIC will act in the best interest of industry
04 February 2013
The Australian Securities and Investments Commission says it wants to regulate best-interests duty rather than let the financial services sector police itself…
Adelaide broker agrees to stop
04 February 2013
The Australian Securities and Investments Commission has accepted an enforceable undertaking from former South Australian broker Paul Meier to permanently refrain from providing financial services…
Horsell to be sentenced
04 February 2013
Former insurance broker Craig John Horsell will be sentenced in Adelaide on February 11 after admitting three charges of dishonestly using his position to authorise payments into his personal bank account…
Ex-Bunnings NZ executive admits insurance corruption
04 February 2013
A former manager for Bunnings NZ has admitted receiving kickbacks for placing insurance through failed broker Herbert Insurance Group…
ICA raises concerns on anti-discrimination laws
04 February 2013
The Insurance Council of Australia says members should not have to release commercially sensitive data to consumers under proposed anti-discrimination laws…
DMF reporting to continue
04 February 2013
Discretionary mutual funds must submit another year of financial returns to the Australian Prudential Regulation Authority while consideration of how to regulate them remains “in progress”…