It’s now or never, says disaster insurance review chief
11 July 2011
The work of the three-member Natural Disaster Insurance Review panel is a “once in a generation” opportunity to address and solve the problems associated with flood insurance…
Regulatory & Government
Global supervision creeps closer
11 July 2011
The International Association of Insurance Supervisors is proposing more effective global supervision of insurers…
Bushfire risk tools vital
11 July 2011
Attorney-General Robert McClelland has highlighted the need for all Australians living in areas of high bushfire risk to have access to mitigation tools…
Insurers line up for WA workcover renewals process
11 July 2011
WorkCover WA has opened the application process for insurers to renew their approvals to issue workers’ compensation policies…
NSW gets new Centre for International Finance and Regulation
11 July 2011
The University of NSW will host a new $41 million Centre for International Finance and Regulation to link academics, regulators and government with the financial services industry…
Shorten attacks flood claim dispute figures
04 July 2011
Assistant Treasurer Bill Shorten has hit out at the “unacceptably and substantially higher” rate of insurance disputes for claims over the Queensland floods when compared to other natural disasters…
Victoria floats options for FSL levy
04 July 2011
The Victorian Government is still undecided on how to implement a property-based fire services levy…
Exemption for Australian companies operating in NZ
04 July 2011
Australian-regulated financial services companies will still be allowed to provide advice to New Zealand clients without having to be registered with the new Financial Markets Authority…
Shorten unmoved on FOFA reforms
04 July 2011
Assistant Treasurer Bill Shorten shows little sign of backing down on the key sticking points in Treasury’s proposed Future of Financial Advice financial services reforms…
Queensland causes further delays to insurance probe
04 July 2011
The Senate report into state government insurance arrangements and the flood levy has again been delayed, due to a further hold-up by the Queensland Government…
NZ industry seeks court clarification over fire levy
27 June 2011
New Zealand insurance brokers’ peak body is going to court to test allegations that some insurance policies are “cheating” in the way they apply the fire services levy…
Agreement reached on insurance contracts margins
27 June 2011
The International Accounting Standard Board and the Financial Accounting Standards Board have agreed the residual margin in insurance contracts should not be locked in at inception…
IBANZ opposes regulatory charges
27 June 2011
The Insurance Brokers Association of New Zealand has attacked the NZ Government’s plan to charge the insurance industry to cover the cost of regulating it…
WorkCover NSW raises average rate to 1.68%
27 June 2011
WorkCover NSW has announced a target collection rate of 1.68% of wages in 2011/12…
Compo scheme reports a surplus
27 June 2011
New Zealand’s Accident Compensation Corporation expects a surplus of $NZ2.5 billion ($1.9 billion) for the 2010/11 financial year, which will enable it to reduce its deficit and reduce levies…
NZ removes insurance claims from balance of payments statistics
27 June 2011
New Zealand has revised its accounting treatment of insurance and reinsurance claims resulting from 2010 and 2011’s Christchurch earthquakes to better reflect the country’s economic position…
Parliamentary insurance inquiry seeks submissions
20 June 2011
The federal parliamentary inquiry into the insurance industry’s response to natural disasters is seeking submissions by July 15 and will visit affected regions later this year…
APRA consultations over capital standards continue
20 June 2011
The Australian Prudential and Regulation Authority has updated the industry on its progress in designing a new capital adequacy regime, addressing industry concerns that have arisen after…
Minister defends builders’ warranty scheme
20 June 2011
The Victorian Government has defended the builders’ warranty insurance scheme following media claims that it is a “multi-million dollar rip-off”…
Government defines TPD deductions
20 June 2011
The Federal Government will allow a 100% tax deduction for any occupation total and permanent disability policy that is sold through a superannuation fund…