Key facts sheet submissions open
05 March 2012
The industry has until March 23 to comment on the proposed key facts sheet that insurers will be required to give to consumers seeking home building and contents cover…
Regulatory & Government
Consumers to pay FOFA bill
05 March 2012
Consumers will have to pay for the Future of Financial Advice changes, because the industry doesn’t have the margins to absorb those costs…
Industry funds still pushing for life commissions ban
05 March 2012
If life insurance commission are not banned within superannuation, advisers could exploit fund members to earn more income, according to an industry superannuation body…
Life insurance advisers face income ban, super specialist warns
05 March 2012
Advisers providing life insurance services within superannuation cannot be paid if the Future of Financial Advice ban on commissions goes ahead…
SA considers changes to CTP scheme
05 March 2012
SA Treasurer Jack Snelling has flagged plans to alter the state’s compulsory third party insurance scheme…
Insurers’ risk appetite statements lacking, says APRA
27 February 2012
The Australian Prudential Regulation Authorityis increasing its focus on how insurers set their risk appetite after reviews raised questions over the analysis behind risk-setting and boards’ involvement…
Jump in claims going to external dispute resolution
27 February 2012
Claims going to external dispute resolution are rising strongly, General Insurance Ombudsman John Price told last week’s Regulatory Update conference in Sydney…
Shorten tells insurers to get with the times on older workers
27 February 2012
Financial Services Minister Bill Shorten has told insurers they need to “get with the times” and offer income protection and workers’ compensation insurance to older workers…
ASIC looks at comparison websites
27 February 2012
The Australian Securities and Investments Commission is considering holding a review into comparison websites…
NIBA questions changes to contracts law
27 February 2012
The National Insurance Brokers Association has questioned the legal basis for the proposed changes to the unfair terms provisions in the Insurance Contracts Act…
Treasury to release discussion paper on key facts sheets
20 February 2012
Federal Treasury will release a discussion paper on key facts sheets that consumers will receive with their insurance policy under the Insurance Contracts Amendment Bill…
ASIC to get tougher on advertising
20 February 2012
The Australian Securities and Investments Commission has released a new guide on advertising financial products and warned it is monitoring traditional and new media…
Opposition steps up attack on FOFA impact
20 February 2012
The Federal Opposition has continued its attack on the Government for not properly assessing the impact of the Future of Financial Advice reforms…
ASIC promises to deliver FOFA guidelines quickly
20 February 2012
The Australian Securities and Investments Commission will release regulatory guidelines on the Future of Financial Advice reforms as soon as possible, says Commissioner Peter Kell…
Royal commission hearing into death building to start in June
20 February 2012
The Canterbury Earthquakes Royal Commission will open a public hearing on June 25 into the collapse of the Canterbury Television building in Christchurch…
Insurance Contracts Amendment Bill under microscope
13 February 2012
Federal Treasury officials will reconsider practical issues around implementing “key facts” sheets after meeting with insurance representatives in Canberra last week…
Committee rejects NIBA call for FOFA review
13 February 2012
The chairman of the parliamentary inquiry into the Future of Financial Advice reforms has rejected the National Insurance Brokers Association’s call for a review of the legislation…
Canterbury earthquake: royal commission’s final report delayed
13 February 2012
The Royal Commission into building failure in the Canterbury earthquakes will deliver its report in stages after finding it can’t meet the April deadline…
Leadership spill at NSW WorkCover
13 February 2012
NSW WorkCover Authority CEO Lisa Hunt and Chairman Greg McCarthy have quit amid plans to fast-track reforms of the agency…
Committee threatens to look at more premiums
06 February 2012
Insurance premiums could come under further scrutiny, a House of Representatives committee has warned…