Toyota and insurers refund overcharged premiums
18 June 2012
Toyota Finance and three insurers have refunded $635,860 to customers who were overcharged on their consumer credit insurance…
Regulatory & Government
Reserve Bank of NZ publishes insurer exemptions
18 June 2012
The Reserve Bank of New Zealand has published exemptions under the Insurance (Prudential Supervision) Act, which comes into effect on June 30…
Regulator wants statutory fund for NZ life insurers
18 June 2012
The Reserve Bank of New Zealand has issued the final draft of the statutory fund regulations for life insurers…
Privacy row ends in ACC boardroom purge
18 June 2012
The privacy breach scandal at New Zealand’s Accident Compensation Corporation has claimed CEO Ralph Stewart, chairman John Judge and two other directors…
ACT to abolish insurance tax
12 June 2012
The ACT will wind down stamp duty on insurance to move away from what Treasurer Andrew Barr calls an “inefficient and unsustainable” tax system…
Minister holds up flood definition
12 June 2012
The release of a final flood definition is held up in Minister Bill Shorten’s office, Treasury officials admit…
ASIC scraps paperwork for licence applications
12 June 2012
Brokers and advisers will no longer have to submit paper versions of documents lodged online when applying for an Australian financial services licence…
Call for trans-Tasman insurance law harmony
12 June 2012
The Insurance Council of Australia and insurer IAG have called on the Australian and New Zealand governments to harmonise insurance regulation between the two countries…
ASIC bans fifth CFP adviser
12 June 2012
The Australian Securities and Investments Commission has banned Commonwealth Financial Planning adviser Joe Chan for two years…
APRA tells insurers to get ready for LAGIC change
04 June 2012
The Australian Prudential Regulation Authorityhas released final versions of capital standards for insurers and told them they should be working on implementing the system…
ASIC still working on codes of conduct
04 June 2012
The Australian Securities and Investments Commission will start approving industry associations and individual firms’ codes of conduct this year…
NSW WorkCover agents ‘too young and inexperienced’
04 June 2012
Insurance staff handling claims under the NSW WorkCover scheme are very young and have no medical experience, the parliamentary committee inquiring into the scheme has heard…
Insurance escapes increased APRA levies
04 June 2012
The Australian Prudential Regulation Authority plans to increase financial services industry levies from $99.2 million in the current financial year to $112.9 million in 2012/13…
CTP rises in SA budget
04 June 2012
The SA Government has raised its compulsory third party premiums by nearly 5% in its 2012/13 budget…
Draft standard for insurance contracts moves closer
04 June 2012
The International Financial Reporting Standards draft document on how insurance contracts are treated in an insurer’s accounts is expected to be released in the second half of the year…
IAIS releases proposed assessment methods
04 June 2012
The International Association of Insurance Supervisors has released its proposed assessment methods for identifying “global systemically important insurers” – companies so large that their failure…
ICA supports NSW WorkCover reforms
28 May 2012
NSW WorkCover will be improved by an earlier reduction in benefits and centralised independent medical assessment, the Insurance Council of Australia has told the parliamentary joint…
Fault-based CTP scheme ‘isn’t cost-effective’
28 May 2012
SA’s compulsory third party insurance scheme is under review, with the State Government saying it’s not cost-effective and most of its resources are spent on minor claims…
APRA warns on life insurance practices
28 May 2012
The Australian Prudential Regulation Authority says it wants to see significant improvement in the group life insurance market, where competition is putting pressure on pricing, underwriting…
Christchurch earthquake bill put at $NZ30 billion
28 May 2012
The Christchurch earthquakes caused more than $NZ20 billion ($15.4 billion) damage, and business disruption, insurance and other costs will add another $NZ10 billion ($7.7 billion) according to…