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”…
Regulatory & Government
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…
Government subsidies for high flood risk properties ‘unlikely’
26 March 2012
Treasury has given its strongest signal yet that the Federal Government is unlikely to offer subsidies to help make insurance premiums for properties in high flood risk areas more affordable…
Call for ACCC to investigate brokers over strata commissions
26 March 2012
The Australian Competition and Consumer Commission will be asked to investigate the use of intermediaries in negotiating strata property cover…
Call for stamp duty freeze on North Queensland strata
26 March 2012
The parliamentary committee investigating strata insurance in Far North Queensland has called for a state government moratorium on stamp duty in 2012/13…
Investment markets send WorkSafe Victoria into net loss
26 March 2012
WorkSafe Victoria almost doubled its insurance profit for the six months to December 31, but poor investment returns ran it into a net loss…
ACC announces inquiry into privacy scandal
26 March 2012
New Zealand’s state-owned Accident Compensation Corporation has launched an independent inquiry into a privacy breach after a claimant was mistakenly sent details of more than 6700 cases…
Government drops flood detail requirement on renewals
19 March 2012
The Federal Government has dropped the requirement for insurers to send clients details of flood cover on renewals…
Call for flood definition in amendment bill
19 March 2012
The Federal Opposition has criticised the Government for not including a flood definition in the Insurance Contracts Amendment Bill…
APRA defers capital rules for insurers
19 March 2012
The Australian Prudential Regulation Authority has delayed the start of the “horizontal requirements” of the Insurance Concentration Risk Charge until January 1 2014…
Senate calls on Treasury for consumer credit insurance guidance
19 March 2012
A senate committee looking at the Future of Financial Advice reforms has called on Treasury to provide guidance on conflicted remuneration for consumer credit insurance…
Victorian Government mulls merger of accident agencies
19 March 2012
The Victorian Government is considering merging the two state-owned accident schemes, WorkSafe and the Transport Accident Commission…
New chairman for financial services committee
19 March 2012
NSW MP Deb O’Neill has been appointed as the new Chairman of the Parliamentary Joint Committee on Corporations and Financial Services…
States using federal disaster fund as their insurer
12 March 2012
A Federal Government review of the states’ disaster insurance says some of them are using the Commonwealth’s disaster arrangements as their insurer or reinsurer, rather than buying adequate cover for their assets…
ASIC bans Sydney adviser over life insurance applications
12 March 2012
The Australian Securities and Investments Commission has banned a Sydney financial adviser who falsified more than 60 life insurance policies to collect commissions…
New board named for what’s left of AMI
12 March 2012
The New Zealand Government has appointed board members to Southern Response Earthquake Services – the government-owned body set up to handle the residual parts of AMI Insurance following its sale to IAG NZ…
Law expert to run Centre for Finance and Regulation
12 March 2012
The NSW Government has appointed international law specialist Ros Grady as CEO of the new Centre for International Finance and Regulation…