ASIC bans adviser over insurance cover
01 October 2012
The Australian Securities and Investments Commission has banned a Melbourne financial adviser for not having professional indemnity insurance…
Regulatory & Government
APRA rules on insurance payments in super
01 October 2012
Life insurance payments from a dead member of a MySuper product can be held in an investment option until distribution to beneficiaries, the Australian Prudential Regulation Authority says…
Joint regulators release report on financial conglomerates
01 October 2012
A joint meeting of global regulators has issued new principles for supervising financial conglomerates…
Tasmania keeps third party premiums on hold
01 October 2012
Tasmania’s Motor Accidents Insurance Board will hold off raising compulsory third party premiums next year after a fall in claims…
WorkCover Queensland back in the black
01 October 2012
WorkCover Queensland says it maintained a “fully funded position” in 2011/12, posting an operating profit of $199.64 million – up from a $41.71 million loss the previous year…
IOSCO calls for regulator co-operation over financial contracts
01 October 2012
International Organisation of Securities Commission Chairman Masamichi Kono says the benchmarks for financial contracts must be market-driven…
States need more insurance, Government says
24 September 2012
The Federal Government has criticised the insurance arrangements of the NT, Tasmanian, Queensland and NSW governments…
Institute disciplines Rural & General Insurance actuary
24 September 2012
The Actuaries Institute has taken disciplinary action against Graham Peter Osborn, the appointed actuary of the former Rural & General Insurance Ltd…
Directors’ liability reforms a step closer
24 September 2012
The Personal Liability for Corporate Fault Reform Bill 2012 was introduced to Parliament last week…
ASIC racing against time to approve codes
24 September 2012
The Australian Securities and Investments Commission may not approve all codes of practice in time for the start of the Future of Financial Advice reforms…
NZ Government to review EQC Act
24 September 2012
The New Zealand Government will review the Earthquake Commission Act to examine how the commission prices its insurance and the cover provided…
APRA supports Pacific insurance regulators
24 September 2012
The Australian Prudential Regulation Authority says it is helping regulators in east Asia and Pacific countries strengthen their supervision of insurers…
Thomson quits WorkCover SA
24 September 2012
WorkCover SA CEO Rob Thomson has resigned, citing personal reasons…
Seriously injured workers win 70% increase
24 September 2012
The weekly benefit for seriously injured workers in NSW has risen to a minimum of $736 per week…
Shorten proposes super-regulator
17 September 2012
The Australian Prudential Regulation Authority’s powers to investigate, prosecute and terminate troubled insurance companies could be dramatically increased under a root-and-branch overhaul…
ASIC releases surveillance snapshot, new service charter
17 September 2012
The Australian Securities and Investments Commission has released an overview of surveillance work it undertook in the last financial year, as part of its bid to improve transparency and increase public…
VMIA loses $320 million
17 September 2012
The Victorian Managed Insurance Authority has posted a loss of $319.9 million in the year to June 30, following three years of natural disasters, falling interest rates and increased risk exposure…
Insurance duties to boost Queensland
17 September 2012
The Queensland Government expects revenue from insurance taxes to grow by 10.6% this financial year, reflecting increased coverage and premium growth…
TAC reports $1.02 billion loss, but insurance profitable
17 September 2012
The Victorian Transport Accident Commission suffered a $1.02 billion loss in 2011/12, down from a $279.4 million profit in the previous year, amid collapsing investment returns and falling interest rates…
NZ regulator to consider life insurance classifications
17 September 2012
Insurance regulator the Reserve Bank of New Zealand may ask insurers and their actuaries to provide information on how they classify life insurance business, specifically in terms of how products…