Reinsurers hit hardest by Canterbury claims: RBNZ
25 March 2013
International reinsurers paid almost 65% of insurance claims from the Canterbury earthquakes, according to the Reserve Bank of New Zealand…
Regulatory & Government
SA WorkCover rates stay at 2.75%
25 March 2013
WorkCover SA has frozen its 2013/14 average premium rate at 2.75% of wages for the third year running…
QBE to quit SA builders’ warranty market
18 March 2013
QBE and the SA Government are in emergency talks after the insurer announced its withdrawal from the state’s builders’ warranty market…
ICA calls for safeguards on APRA powers
18 March 2013
The Insurance Council of Australia says its members are concerned about the Australian Prudential Regulation Authority gaining greater power without adequate safeguards…
Investment returns puts WorkSafe Victoria back in black
18 March 2013
WorkSafe Victoria returned to profit in the six months to December 31, as workplace injuries fell to a record low…
ASIC seeks performance feedback
18 March 2013
The Australian Securities and Investments Commission is calling for feedback as part of its third stakeholder survey…
Solve affordability issue or be regulated, industry told
11 March 2013
Insurance affordability and an onslaught of international regulation are key challenges for the industry, according to Ian Harper of Deloitte Access Economics…
APRA to focus on boards, disclosure and risk management
11 March 2013
The Australian Prudential Regulation Authority will continue to work on improving disclosure and risk management, according to Executive Member Ian Laughlin…
Government wants industry input into insurance affordability solution
11 March 2013
The insurance industry must help the Federal Government find ways to make insurance more affordable, the Insurance Council of Australia regulatory update seminar has heard…
Brokers hold on to commissions under ASIC rules
11 March 2013
The National Insurance Brokers Association is still reviewing the Australian Securities and Investments Commission’s conflicted remuneration regulatory guide…
SA to introduce CTP revamp
11 March 2013
Premiums will be cut on SA’s compulsory third party scheme from July 1, under legislative changes introduced last week…
APRA rules on actuarial calculations
11 March 2013
The Australian Prudential Regulation Authority has clarified its expectations for insurers’ calculation of the premium liability offset…
ACC names Willis executive as new CEO
11 March 2013
New Zealand’s Accident Compensation Corporation has named Scott Pickering of Willis as its new CEO, following the departure of Ralph Stewart last December…
Accountants allowed to give general insurance advice
04 March 2013
Accountants will be able to provide broad general insurance advice under a limited Australian financial services licence from July 1 this year…
ASIC sets out code guidelines
04 March 2013
Codes of conduct for financial services bodies must meet the opt-in objectives of the Future of Financial Advice legislation to win approval, according to the Australian Securities and Investments Commission…
NZ tribunal fines Insured Group over late accounts
04 March 2013
New Zealand’s Markets Disciplinary Tribunal has again fined Insured Group for late delivery of its annual report to the country’s stock exchange…
Planners fear PI rate rises under FOFA
04 March 2013
Financial planners may see their professional indemnity insurance rates rise under the Future of Financial Advice (FOFA) reforms, an Australian Securities and Investments Commission panel has heard…
Insurers back ‘no-fault’ CTP scheme for NSW
04 March 2013
Insurers have welcomed proposed changes to NSW’s costly compulsory third party scheme…
ASIC busts FOFA myths
04 March 2013
Several myths have arisen regarding the Future of Financial Advice reforms, the Australian Securities and Investments Commission has warned…
Regulator to check brokers’ trust funds
04 March 2013
The Financial Markets Authority in New Zealand says it will visit businesses including insurance brokers to ensure clients’ money is held in appropriate trust funds…