ASIC defends code exemptions
03 October 2011
The House of Representatives inquiry into the insurance industry’s response to disasters has questioned the reasoning behind insurers being exempted from complying with the industry’s…
Regulatory & Government
NIBA slams Vic Government for FSL tax grab
03 October 2011
The National Insurance Brokers Association has raised doubts about the Victorian Government’s proposed transition arrangements to a property-based fire services levy…
APRA plans standards for insurance in super
03 October 2011
The Australian Prudential Regulation Authority is looking at setting standards for life insurance within superannuation funds…
No reinsurance for Queensland
26 September 2011
Despite criticisms of the Queensland Government’s reinsurance arrangements, the Senate committee looking into the matter has ultimately backed Queensland’s claims that sufficient external…
Ombudsman speaks up for insurers
26 September 2011
The Financial Ombudsman Service has defended insurance companies against allegations they have not informed customers of their right to access dispute resolution facilities, and also questioned…
ASIC’s scaled advices rules worry associations
26 September 2011
Industry bodies have expressed concern with the Australian Securities and Investments Commission’s guidelines (CP164) on scaled advice…
Levy changes condemned as ‘betrayal’
26 September 2011
The Victorian Government has “let down” and “betrayed” voters by loading the Country Fire Authority’s budget with $250 million in capital expenditure before the introduction of a new property-based…
Tasmanian AR banned by ASIC
26 September 2011
A Tasmanian authorised representative has been permanently banned from providing financial services by the Australian Securities and Investments Commission…
Inquiry to examine industry response to climate change
26 September 2011
Insurers’ ability to respond to natural disasters will be scrutinised by the Productivity Commission in its inquiry into climate change adaptation…
Accounting boards define risk adjustment objectives
26 September 2011
The International Accounting Standards Board has agreed on the objectives for risk adjustment when it is reported in an insurer’s insurance contract…
Suncorp wants GI product advice exempted under FOFA
19 September 2011
Suncorp says meeting the best interests duty requirements in the draft Future of Financial Advice bill would mean higher costs when providing general insurance advice…
APRA shrinks its prudential standards
19 September 2011
The Australian Prudential Regulation Authority has consolidated its 12 prudential standards for the general and life insurance industries into just four…
Victoria seeks input on disaster management
19 September 2011
The Victorian Government is seeking responses to a discussion paper on how to improve the state’s emergency response to disasters…
ASIC finds advisers thriving on commissions
19 September 2011
The Australian Securities and Investments Commission has expressed concern advisers are directing most of their life insurance business into just three providers…
Victoria maps bushfire risk
19 September 2011
The Victorian Government has released maps identifying areas of risk in bushfire-prone areas, which will be used for issuing building permits…
ASIC set for disaster inquiry
19 September 2011
Representatives of the Australian Securities and Investments Commission have a Thursday booking to address the House of Representatives inquiry into the operation of the insurance…
Insurers ‘will survive Solvency II’
19 September 2011
The excess supply of capital will mean insurers will survive Solvency II, Aon Global Broking Centre CEO Lambros Lambrou says…
Government accepts all flood commission recommendations
19 September 2011
Attorney-General Robert McClelland says the Federal Government will accept all of the recommendations from the Queensland Floods Commission of Inquiry’s interim report into last…
NZ regulator outlines enforcement policy
19 September 2011
New Zealand’s Financial Markets Authority says it will give priority to situations where large numbers of investors are at risk of loss, where there is evidence of intentional unlawful behaviour…
Victorian Government stands by vow to abolish FSL
12 September 2011
Victorian Deputy Premier and Emergency Services Minister Peter Ryan says the Government is committed to abolishing the state’s fire services levy…