This year’s flood victims to be exempted from levy
07 May 2012
People who suffered damage in the floods affecting western Queensland and northern NSW earlier this year will be exempted from the national flood levy…
Regulatory & Government
NSW WorkCover paper calls for urgent reform
30 April 2012
NSW workers’ compensation premiums will have to rise by up to 28% if the WorkCover scheme is not reformed, according to a State Government issues paper…
Reforms outlined for builders’ warranty scheme
30 April 2012
Victoria’s compulsory builders’ warranty insurance scheme could be scrapped and made voluntary under a plan the State Government says will better protect consumers…
Key facts sheet submissions reveal industry concerns
30 April 2012
Federal Treasury has released the last submissions on key facts sheets for people buying home building and/or contents insurance…
ICA hangs out for exemption
30 April 2012
The Insurance Council of Australia is pressing for an exemption for lenders’ mortgage insurers from the National Consumer Credit Protection Act’s record-keeping obligations…
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…
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…