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…
Regulatory & Government
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…
Sydney adviser suspected of fraud
28 May 2012
The Australian Securities and Investments Commission has taken out an injunction to prevent a Sydney financial adviser from carrying on a financial services business…
Regulations on flood definition, key facts sheets near
21 May 2012
Regulations accompanying the Insurance Contracts Amendment Act are expected to take effect in the next few weeks…
Tasmania to increase insurance taxes
21 May 2012
The Tasmanian Government has increased insurance taxes in its 2012/13 Budget as the state looks for other sources to compensate for falling revenue…
WorkCover WA tightens up on claims histories
21 May 2012
WorkCover WA will no longer supply workers’ compensation claims histories to employers and prospective employers…
ASIC chief to head global securities body
21 May 2012
Australian Securities and Investments Commission Chairman Greg Medcraft is to become chairman of the International Organisation of Securities Commissions next March…
WA insurer to increase return
21 May 2012
The Insurance Commission of WA will deliver a $30.4 million return to the state this year, a 45% increase, due to improved profitability and investment returns…
Opposition rising to NSW WorkCover overhaul
21 May 2012
The various parties involved in NSW WorkCover are squaring up over proposed reforms…
Motor insurers under spotlight in NSW
21 May 2012
Motor insurers’ profits and costs are to be looked at as the part of a NSW Government review of compulsory third party pricing…
WA launches bushfire management agency
21 May 2012
The WA Government has established an Office of Bushfire Risk Management to independently assess the risks of prescribed burns…
Canberra takes $175 million from Australian Reinsurance Pool
14 May 2012
The Federal Government will take $175 million from the Australian Reinsurance Pool Corporation in 2012/13 in a $100 million special dividend and a $75 million annual dividend…
Broker and advisers to pay for FOFA
14 May 2012
The Federal Government will be increasing broker and adviser licensing fees to cover the cost of the Future of Financial Advice reforms…
Government extends ASIC funding
14 May 2012
The Federal Government has cut operational funding for the Australian Securities and Investments Commission in the coming year, but has provided extra funding for the regulator to monitor the…
Report rules out last resort compensation scheme
14 May 2012
Lawyer Richard St John’s report into compensation for consumers has rejected a last resort scheme as “inappropriate and possibly counter-productive”…
Terrorism insurance scheme set to continue
14 May 2012
A review by the Federal Treasury office and targeted stakeholders into Australia’s terrorism insurance scheme has recommended that it should continue…
ASIC warns brokers on ‘independence’
07 May 2012
The Australian Securities and Investments Commission has warned insurance brokers and financial planners about their use of the term “independent” after it found 21 cases of its misleading use…
ASIC suspends NSW broker’s licence
07 May 2012
The Australian Securities and Investments Commission has suspended the financial services licence of Southpoint Insurance Brokers, of Menai, NSW…
Victorian insurance tax take rises
07 May 2012
Victoria’s insurance taxes will increase by 10% this financial year, raising $1.61 billion, and decline marginally to a budgeted $1.6 billion in 2012/13…
Vic WorkCover premiums fall while dividend rises
07 May 2012
The Victorian Government has cut workers’ compensation premiums in the 2012/13 financial year, but will take funds from the Victorian WorkCover Authority by way of a dividend this financial year…