Agreement reached on reinsurance treatment in contracts
30 April 2012
The amount of reinsurance an insurer can recover should be spread over the remaining period of a contract for accounting purposes…
Regulatory & Government
Motor Accident Commission names CEO
30 April 2012
The SA Motor Accident Commission has appointed Jerome Maguire as CEO. He will start on June 25…
NZ general insurers caught up in life regulations
23 April 2012
New Zealand general insurers are pressing their regulator, the Reserve Bank of New Zealand, to amend regulations on consumer credit insurance so it is not classed as life insurance…
Regulator bans broker permanently
23 April 2012
The Australian Securities and Investments Commission has had a busy week, banning a general insurance broker and suspending the financial services licence of an adviser practice…
Tasman narrows for Australia-NZ financial advisers
23 April 2012
Financial advisers’ ability to operate across Australia and New Zealand without needing further approvals is a step closer, according to the Trans-Tasman Outcomes Implementation Group biannual…
WorkCover WA sets 2012/13 premiums
23 April 2012
WorkCover WA has set an average recommended premium of 1.691% of total wages for 2012/13, compared with 1.569% in 2011/12…
NZ Reserve Bank releases solvency standard
23 April 2012
The Reserve Bank of New Zealand has released a solvency standard for non-life insurers in run-off…
Consumer groups reject opt-out in flood insurance
16 April 2012
Consumer groups have supported compulsory flood cover, but with premium discounts to ensure it is affordable for low-income earners and people living in high-risk areas…
ICA calls for more talks on key facts sheets
16 April 2012
The Insurance Council of Australia wants further discussion with the Government on key facts sheets (KFS) before a model is released for consumer testing…
Consumer Action supports key facts sheet wording
16 April 2012
Consumer advocates support the introduction of key facts sheets on insurance policies with wording that encourages consumers to consider a total replacement policy…
Elders repays customers $5.3 million after error
16 April 2012
QBE-owned Elders Insurance has repaid customers $5.3 million to rectify underpayments on motor vehicle insurance claims…
NZ Auditor-General to investigate ACC governance
16 April 2012
New Zealand Auditor-General Lyn Provost will inquire into how the Accident Compensation Corporation manages risk at its board level, following a privacy breach…
ASIC bans Adelaide insurance adviser
16 April 2012
The Australian Securities and Investments Commission has permanently banned Adelaide financial services representative Barry David Hassell from providing financial services…
Support for NDIS, but a long way to go
16 April 2012
The states and territories have agreed to continue supporting the Federal Government’s National Disability Insurance Scheme…
Insurers explain why mandatory flood cover won’t work
02 April 2012
Insurers should have “flexibility” and not be “forced to provide flood cover”, the Insurance Council of Australia says in a submission to the Federal Government…
Draft key facts sheet is too simplistic, says NIBA
02 April 2012
The National Insurance Brokers Association says elements of the Federal Government’s proposed key facts sheet are “too simplistic”…
WorkCover WA wants feedback on brokers’ code of practice
02 April 2012
WorkCover WA has released a draft Workers’ Compensation Insurance Brokers’ Code of Practice and is seeking industry feedback…
NSW denies workers’ comp changes will result in lower payouts
02 April 2012
The NSW Government plans to reform the state’s troubled workers’ compensation scheme to bring it into line with other states, but says the overhaul will not result in lower payouts…
SA set to reform CTP scheme
02 April 2012
Road accidents are falling in SA but costs to the state’s compulsory third party insurance scheme are increasing rapidly…
APRA’s new rules on illiquidity premiums
02 April 2012
The Australian Prudential Regulation Authority has proposed a new methodology for dealing with life insurers’ illiquidity premium when calculating regulatory capital…