Leave business out of unfair contracts rules, says ICA
30 July 2012
The Insurance Council of Australia is opposing plans by NSW Fair Trading to extend the fair trading provisions on unfair contracts to business-to-business arrangements…
Regulatory & Government
NZ court knocks back minister’s earthquake emergency decision
30 July 2012
The New Zealand High Court has overturned decisions by Earthquake Recovery Minister Gerry Brownlee aimed at providing new residential land following the Christchurch earthquakes…
Canberra to monitor state/territory insurance arrangements
23 July 2012
The Federal Government will consult the states and territories to ensure their captive insurance and reinsurance arrangements are reported transparently and on a comparable basis, Attorney-General…
ICA challenges privacy reform detail
23 July 2012
The Insurance Council of Australia has raised three significant concerns about the Federal Government’s privacy reform legislation, which is before Parliament…
Reinsurers unlikely to cause global crisis, say regulators
23 July 2012
The International Association of Insurance Supervisors has decided that reinsurers are unlikely to cause or amplify risk that could threaten the global financial system…
NRMA and ACT justify 10% CTP hike
23 July 2012
Compulsory third party premiums in the ACT will jump 10% on September 1…
Consumers don’t understand funeral insurance: ASIC
23 July 2012
Consumers do not understand the limitations of funeral insurance policies, according to an Australian Securities and Investments Commission survey on the sector…
NSW considers ESL change impact on insurers and revenue
16 July 2012
The NSW Government is considering how to lessen disruption to the insurance industry while maintaining revenue in its reform of the state’s emergency services levy on insurance premiums…
WorkCover SA moves to cut costs
16 July 2012
WorkCover SA has introduced an experience rating system for medium and large employers as it struggles to lower costs and stay competitive with other states’ workers’ compensation systems…
ASIC bans Newcastle authorised rep
16 July 2012
The Australian Securities and Investments Commission has permanently banned a Newcastle authorised representative who engaged in dishonest conduct involving more than 100 clients and $150,000…
Royal commission wants input on building standards
16 July 2012
The Canterbury Earthquakes Royal Commission is seeking comment on how to improve New Zealand’s building controls and regulatory system…
WA courts want insurers identified
09 July 2012
A controversial new WA court rule may force parties mounting legal actions to notify each other and the court who their insurer is…
NSW WorkCover freezes average premium rate
09 July 2012
NSW WorkCover will hold its average premium at 1.68% of wages following the State Government’s decision to reform the scheme and cut benefits…
Tax agents must have PI insurance
09 July 2012
Taxation and business activity statement agents must maintain professional indemnity insurance following a ruling by the Administrative Appeals Tribunal…
RBNZ adopts priority system for insurer licensing
09 July 2012
Insurance regulator the Reserve Bank of New Zealand has introduced a priority system for the 100 or so insurers that need to gain a full licence under a new insurance regulatory system…
National emergency plans on track
09 July 2012
The Federal Government says Australia’s resilience to disasters has been strengthened by “key achievements” over the past 12 months…
Regulators draft rules for global insurers
09 July 2012
The International Association of Insurance Supervisors has released draft proposals on an international supervisory framework for global insurance groups…
ASIC outlines stronger powers
02 July 2012
The Australian Securities and Investments Commission has gained stronger powers to take action against financial service providers it believes are likely to breach the law…
Licence is a privilege, not a right: ASIC chief
02 July 2012
An Australian financial services licence should be a privilege and not a right, according to Australian Securities and Investments Commission Chairman Greg Medcraft…
Former SA insurance broker charged
02 July 2012
Former insurance broker Craig John Horsell appeared in Adelaide Magistrate’s Court last week on 88 charges of dishonestly using his position…