Midwives get extension on PI exemption
20 August 2012
Midwife groups have welcomed the decision by health ministers to extend until June 2015 the professional indemnity insurance exemption for privately practising midwives…
Regulatory & Government
New Zealand amends its insurance jurisdictions
20 August 2012
The Reserve Bank of New Zealand has published amendments to the Insurance (Prudential Supervision) Act…
NZ broker/developer pleads guilty in fraud trial
20 August 2012
A New Zealand insurance broker and property developer has pleaded guilty to 25 counts of fraud and perverting the course of justice dating back to 2002…
Government thinking about best interests duty for brokers
13 August 2012
The Government is considering how the “best interests” duty regulations will apply to general insurance products…
Best interests duty applies to scaled advice
13 August 2012
All brokers and life insurance advisers will still have to apply the “best interests” duty when giving scaled advice…
Key facts sheet draft regulations released
13 August 2012
Federal Treasury has released exposure draft regulations for the provision of key facts sheets for home building and home contents insurance policies…
NZ opens door to fire services funding review
13 August 2012
The New Zealand Government has announced a review of the country’s fire services, which receive funding via levies on insurance policies…
Statements of advice to be consumer-tested
13 August 2012
The Australian Securities and Investments Commission is seeking licensees and industry associations to conduct consumer tests on statements of advice…
APRA proposes further changes to LAGIC reporting
13 August 2012
The Australian Prudential Regulation Authority has released more proposed changes to insurers’ reporting requirements…
Qld Government brings in US experts to review Seqwater report
06 August 2012
The Queensland Government has commissioned two US agencies for an independent review of Seqwater’s report into the January 2011 floods…
Group insurance governance worries APRA
06 August 2012
The Australian Prudential Regulation Authority is continuing to work with group life insurers to improve governance in the sector, says Executive Member Ian Laughlin…
Royal commission monitor notes ‘no progress’ on FSL abolition
06 August 2012
The monitor for the 2009 Victorian Bushfires Royal Commission says he has no evidence of progress to remove the fire services levy…
ASIC bans director, cancels firm’s licences
06 August 2012
The director of a national financial services company has been permanently banned by the Australian Securities and Investments Commission…
Direct insurers worry regulator
06 August 2012
The Australian Securities and Investments Commission is concerned about sales of life insurance by so-called direct insurers…
COAG agrees to directors’ liability reform
30 July 2012
Reform of the various state and territory laws on directors’ liability is back on the agenda after the Council of Australian Governments agreed to a set of principles and guidelines around reform…
States declare payroll tax war on dealer groups
30 July 2012
State revenue offices around Australia are targeting financial planning dealer groups for payroll tax on advisers…
Comcare marked for overhaul
30 July 2012
The Federal Government is to review its Comcare workers’ compensation scheme in an attempt to cut red tape and to bring it up to contemporary best practice…
ICA wants compulsory third-party property cover for cabs
30 July 2012
The Insurance Council of Australia wants taxis in Victoria to carry mandatory third-party property damage insurance…
New code for WA WorkCover
30 July 2012
WorkCover WA’s new code of practice for insurance brokers is now in the market following the completion of a feedback and consultation process with the industry…
WorkCover WA claim numbers steady
30 July 2012
The number of claims on the WA workers’ compensation scheme remains stable, with payments increasing slightly in the past four years…