Ex-NSW WorkCover chairman takes over in SA
03 December 2012
WorkCover SA has appointed former NSW WorkCover chairman Greg McCarthy as its new CEO…
Regulatory & Government
ICA backs credit privacy changes
03 December 2012
New credit history legislation will let insurers in the lenders’ mortgage insurance market make better risk assessments, according to the Insurance Council of Australia…
SA CTP scheme records loss
03 December 2012
South Australia’s compulsory third party insurer, the Motor Accident Commission, made a net loss of $34.1 million in the year to June 30 – a result its CEO calls “predictable”…
Court stops former OAMPS executives joining FP Marine
26 November 2012
The NSW Supreme Court has made final orders restraining former OAMPS marine specialists Andrew Glover and Simon Gosnell from moving to FP Marine Risks or any other marine insurance broker…
APRA needs more independence: IMF
26 November 2012
The Australian Prudential Regulation Authority has a comprehensive and well-documented style of risk-based supervision, but a lack of independence and poor inter-agency co-ordination threaten its…
Funding restraints strangle ASIC, IMF says
26 November 2012
Australia’s “sound, resilient and well-managed” financial system remains at risk from global uncertainty, regulatory gaps and insufficient funding for the corporate watchdog, according to the…
Pratten sentence delayed until March
26 November 2012
Sentencing of Rural & General Insurance Brokers founder Charles Pratten was again postponed last week, following two earlier delays…
Swiss Re questions insurance contract reforms
26 November 2012
The proposed global insurance contracts accounting standard could have significant implications for insurers, but they may not achieve the level of transparency required, Swiss Re says…
NIIS reveals program principles
26 November 2012
The National Injury Insurance Scheme Advisory Group has produced a series of principles covering the design and introduction of the program, which follows reforms recommended by a…
Commonwealth supports flood inquiry findings
19 November 2012
Work to expand and centralise flood data for future studies is well under way, according to the Federal Government’s response to the Queensland floods inquiry…
New flood portal available online
19 November 2012
The Federal Government this morning launched the National Flood Risk Information Portal online…
Ex-broker Craig Horsell to be sentenced
19 November 2012
Former insurance broker Craig John Horsell will be sentenced in December after admitting three charges of dishonestly using his position to authorise payments into his personal bank account…
State flags $10 million fines for FSL price exploitation
19 November 2012
The Victorian Government is proposing fines of up to $500,000 for individuals and $10 million for companies that take advantage of consumers during the transition from the fire services levy…
South Australia covers for terrorism
19 November 2012
South Australia is the latest state to take out terrorism insurance after a drop in the cost of cover…
ASIC lays down the law on advertising
19 November 2012
General insurers must ensure comparison advertisements feature products with sufficiently similar attributes, according to new regulatory guidelines…
Workers’ comp needs competition: Suncorp
19 November 2012
Opening Queensland’s workers’ compensation scheme to the private sector will benefit injured workers and create more competitive premiums, according to Suncorp…
EQC chairman points finger at ‘cost-shifting’ insurers
12 November 2012
Earthquake Commission Chairman Michael Wintringham has suggested that private insurers are trying to shift earthquake costs to the state-owned organisation…
Insurers face profitability challenge, says Laker
12 November 2012
General insurers face the strategic challenge of maintaining profitability in a climate of lower interest rates, higher reinsurance costs and new forms of competition, Australian Prudential Regulation Authority…
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…
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…