Scaled advice not worth the cost, say insurers
14 November 2011
The general insurance industry isn’t willing to provide personal advice on its products because it would be too expensive, according to the Insurance Council of Australia…
Regulatory & Government
Drop stamp duty on insurance, says Victorian commission
14 November 2011
The Victorian Competition and Efficiency Commission has told the Victorian Government it should develop and implement an agenda for reforming state taxes, including stamp duty taxes on insurance…
WorkCover NSW ‘must act to reduce deficit’
14 November 2011
The NSW WorkCover scheme may need to increase premium rates to reduce its $2.4 billion deficit, Auditor-General Peter Achterstraat says in his annual report…
NSW Auditor-General urges action on HIH builders’ insurance
14 November 2011
NSW Auditor-General Peter Achterstraat has raised concerns about the growing liability of HIH claims managed by the NSW Building Insurers’ Guarantee Corporation…
Comparison platforms worry APRA
07 November 2011
General insurance price comparison platforms and their impact on insurers’ profitability has come under scrutiny by the Australian Prudential Regulation Authority…
FOFA bill report now due next year
07 November 2011
The Government has experienced more delays with its Future of Financial Advice bill…
Few claims for Victoria’s building insurance
07 November 2011
Victoria’s builders’ warranty insurance scheme has attracted $53 million of gross premiums since the Victorian Managed Insurance Authority (VMIA) took over the scheme on May 31 last year…
Accounting chiefs decide on insurance contracts
07 November 2011
Both global accounting boards have agreed on how insurers should present their insurance contract information in balance sheets…
Call to separate insurance from bank risk supervision
07 November 2011
The Geneva Association has called on members of the G20 group to separate insurance from the banking industry when looking at systemic risk…
EQC levy to be property-based under Labour
07 November 2011
New Zealand’s Labour Party says it will make the Earthquake Commission levy a property-based charge rather than one levied on insurance premiums if it is elected later this month…
Doubts over FOFA start date
31 October 2011
The July 1 implementation date for the Future of Financial Advice reforms will probably be deferred, according to opposition financial services spokesman Mathias Cormann…
Inquiry hears of conflicting hydrology assessments
31 October 2011
Flood victims in central Victoria suffered from inconsistent advice from insurers and hydrologists, the House of Representatives inquiry into the insurance response to disasters heard last week…
ASIC clears up PDS phone quandary
31 October 2011
A new class order issued by the Australian Securities and Investments Commission will help insurers and brokers provide quotes over the phone without having to provide a product…
ASIC appoints new regional commissioner
31 October 2011
Brett Bassett is the new Australian Investments and Securities Commission Queensland Regional Commissioner…
WorkCover SA reports profit, reduces unfunded liability
31 October 2011
WorkCover SA has reported a $30.2 million profit for the year to June 30 and reduced its unfunded liability to $952 million…
More people misbehaving, says ASIC
31 October 2011
The Australian Securities and Investments Commission has reported a 17% increase in cases of misconduct among businesses and licensees during 2010/11…
Victorian Government holding FSL consultations
24 October 2011
The Victorian Government will hold a second round of public consultation on changes to the state’s fire services levy, which will move from a premium-based system in 2013…
Insurers want a say in NSW taskforce
24 October 2011
The insurance industry associations are hoping to play a role in the NSW Government’s taskforce on professional services…
NZ insurers say new solvency standards are simplistic
24 October 2011
New Zealand insurers are divided on the Reserve Bank of New Zealand’s new solvency standard that will require them to hold reinsurance or capital cover for a 1-in-1000-year event…
WA Government plans insurance raid
24 October 2011
WA Treasurer Christian Porter is planning a raid on the reserves of the state’s Insurance Commission and is also considering the introduction of a dividend regime to routinely divert excess funds…