New safeguards introduced for Tasmanian property owners
26 June 2023
The Tasmanian Government has continued to update consumer protections for property owners with changes to the building regulatory framework...
Regulatory & Government
FMA releases guidelines on intermediated distribution
26 June 2023
New Zealand’s Financial Markets Authority Te Mana Tātai Hokohoko has released final guidelines for financial institutions that distribute products and services through intermediaries as part of the Conduct of Financial Institutions regime...
‘Solid’ Queensland CTP scheme can cope without RACQ
19 June 2023
The Australian Lawyers Alliance says the Queensland compulsory third party motor insurance scheme does not require “fundamental changes” amid concerns over the future participation of RACQ Insurance...
Government QAR response ‘won’t address advice access, quality issues’
19 June 2023
The Federal Government’s response to the Quality of Advice Review has left Michelle Levy, who made 22 recommendations in her final report, “a little disappointed”...
NSW to provide $669 million top-up for icare public sector schemes
19 June 2023
The NSW Government will provide an extra $669 million to top up icare schemes that provide workers’ compensation and other insurance arrangements for the public sector...
Government offers more buybacks to Queensland homeowners
19 June 2023
The Queensland and Federal Governments have announced they will provide voluntary buyback offers for an additional 300 homes for flood-affected residents...
CBL disclosure breaches agreement reached with four directors
19 June 2023
New Zealand’s Financial Markets Authority has reached agreement with insurer CBL Corporation, in liquidation, and four former directors over claims of continuous disclosure breaches and misleading conduct...
ASIC launches cyber resilience survey
19 June 2023
The Australian Securities and Investments Commission has launched a survey to assess the cyber resilience of Australia’s corporate and financial markets...
QBE joins EQCover claims partnership model
19 June 2023
QBE has become the ninth insurer to partner with Toka Tū Ake EQC since the partnership initiative was launched in mid 2021...
ASIC grants insurers relief on transaction confirmation
19 June 2023
The corporate regulator has allowed relief on confirmation of transaction requirements for deceased life insurance and recurring insurance benefit payments until mid 2028...
APRA finalises insurer reporting standards
19 June 2023
The Australian Prudential Regulation Authority has finalised the reporting standards for insurers impacted by the introduction of the Australian Accounting Standards Board 17 Insurance Contracts...
Disaster Ready Fund: first round to Queensland as state gets $20 million
05 June 2023
Queensland will receive $20 million in new funding from the Federal Government’s mitigation-focused Disaster Ready Fund to improve the resilience of properties in cyclone-prone areas, it was announced over the weekend...
Workers’ comp fraudster caught running fitness studio
05 June 2023
A former crane driver caught running a fitness studio while receiving workers’ compensation will be required to repay $61,000 after she pleaded guilty to fraudulently obtaining payments...
Sales-based remuneration drives misconduct, says Hayne
05 June 2023
Former High Court judge Kenneth Hayne, who led the royal commission into financial services sector misconduct, has warned of a “bad apples” multiplier effect from errant behaviour as he revisited key themes that emerged during his inquiry in 2018...
Consumer Data Right insurance rollout put on hold
05 June 2023
The Federal Government has decided to put on hold the planned rollout of the Consumer Data Right regime to the insurance, superannuation and telecommunications sectors...
Voluntary buyout scheme for NZ homeowners unveiled
05 June 2023
New Zealand will commence work soon on a “voluntary buyout” scheme for properties in cyclone and flood-prone areas...
APRA, ASIC capability report to go to minister this month
05 June 2023
The Financial Regulator Assessment Authority’s latest report on the effectiveness and capability of Australia's financial services regulators is to be provided to the relevant government minister this month and tabled in parliament...
Government stresses importance of data in improving insurance affordability
29 May 2023
Assistant Treasurer and Financial Services Minister Stephen Jones has outlined the value of collaborative efforts between governments and insurers to gather risk data, to help address existing gaps in coverage for vulnerable communities...
Industry resilience targeted as APRA funding contribution set at $29.5 million
29 May 2023
The general insurance industry is expected to contribute about $29.5 million in levies to support the Australian Prudential Regulation Authority’s operational costs in 2023/24, according to a Treasury consultation paper...
Victoria says ditching duty removes business resilience ‘handbrake’
29 May 2023
Victoria says the progressive abolition of business insurance duty, announced in last week’s state Budget, will remove a handbrake on resilience, investment and growth...