WorkCover SA records loss
22 October 2012
WorkCover SA has reported a $437 million loss for 2011/12, while unfunded liabilities have risen to $1.4 billion from $952 million the previous year…
Regulatory & Government
New CEO to join WorkSafe Victoria
22 October 2012
New Zealander Denise Cosgrove will take over as CEO of WorkSafe Victoria on November 12, replacing acting CEO Ian Forsyth…
ASIC cancels planner’s licence
22 October 2012
The Australian Securities and Investments Commission has cancelled the Australian financial services licence of Sydney-based Australian Performance Financial Planning, which had an external administrator…
APRA deals with insurer concerns on capital rules
15 October 2012
The Australian Prudential Regulation Authority says only minor issues have been raised by the insurance industry regarding its new capital standards…
Bill to scrap Victoria’s FSL passes parliament
15 October 2012
Victoria’s fire services levy is a step nearer abolition after legislation passed the State Parliament’s Legislative Council last week…
MP hits out at insurance taxes
15 October 2012
Federal Labor MP Graham Perrett has criticised the rate of tax on strata title insurance properties in north Queensland…
NSW extends emergency services levy consultation
15 October 2012
The NSW Government has extended the public consultation period on proposed reforms to its emergency services levy…
ICA suggests transition plans for NSW levy switch
15 October 2012
The Insurance Council of Australia has outlined three transition frameworks for the NSW Government to consider in abolishing its emergency services levy on insurance in favour of a property-based tax…
NSW emergency services levy ‘lacks transparency’
15 October 2012
The Actuaries Institute says there is “no clear relationship” between insurance premiums and the cost of providing emergency services in NSW, and funding should instead come from multiple sources…
Broker charged with theft of premiums
15 October 2012
A Melbourne insurance broker has appeared in court charged with stealing more than $675,000 of clients’ premiums…
Safety program improves insurance performance
15 October 2012
WorkSafe Victoria says employers’ average premiums are at a record low 1.298% of wages for the current financial year after claims fell to 10.17 per 1000 workers in 2011/12…
Insurers want NSW agents’ PI plan clarified
15 October 2012
The Insurance Council of Australia has asked the NSW Government to clarify proposed changes to regulations on property, stock and business agents’ professional indemnity insurance…
APRA advises on MySuper insurance strategies
08 October 2012
Registrable super entities must lodge insurance strategies for MySuper products six months before the Australian Prudential Regulation Authority’s new standard takes effect…
IASB seeks comments on insurance contracts
08 October 2012
The International Accounting Standards Board wants more industry feedback on its proposals for insurance contracts…
Earthquakes drive complaints to NZ insurance ombudsman
08 October 2012
Complaints and enquiries to New Zealand’s Insurance and Savings Ombudsman rose 74% in the year to June 30 as consumers and insurers disputed Christchurch earthquake claims…
NSW appoints WorkCover review officer
08 October 2012
The NSW Government has appointed a WorkCover independent review officer, following the introduction of an external complaints resolution process for its workers’ compensation scheme…
Conciliation cuts time, WorkCover says
08 October 2012
WorkCover WA’s new conciliation and arbitration scheme is improving dispute management and enabling more timely outcomes, according to Chairman Greg Joyce…
Boards to take greater role in capital standards
01 October 2012
The Australian Prudential Regulation Authority has issued a draft guide on capital standards for general and life insurers…
ASIC details life adviser remuneration rules
01 October 2012
Advisers and brokers selling life insurance outside superannuation funds will be exempt from the Australian Securities and Investments Commission’s proposed rules on conflicted remuneration…
Insurers’ risk appetite procedures improving: APRA
01 October 2012
Insurers’ boards are dealing better with risk management, but much work still needs to be done, according to Australian Prudential Regulation Authority Executive Member Ian Laughlin…