Call for higher SA council liability limits
30 May 2011
The Local Government Association of South Australia has called for the compulsory insurance levels of councils to be raised dramatically…
Regulatory & Government
Insurers warned to watch capital-raisings
30 May 2011
The Australian Prudential Regulation Authority has told general insurers planning to raise Tier One capital to contact the regulator as part of the switch to Basel III requirements…
Government still pondering compulsory flood cover
23 May 2011
Attorney-General Robert McClelland says the Federal Government has not ruled out mandating that homes and businesses in high-risk flood areas must buy cover for flood, and may subsidise…
APRA wants more general insurance changes
23 May 2011
The Australian Prudential Regulation Authority is proposing minor changes to the prudential and reporting framework of level two general insurance groups…
Lower APRA levies for general insurers
23 May 2011
General insurance companies will be expected to pay the Australian Prudential Regulation Authority $22 million in supervision levies for the 2012 financial year…
Christchurch earthquake: Industry welcomes $NZ5.5 billion recovery package
23 May 2011
The New Zealand insurance industry has welcomed a $NZ5.5 billion ($4.1 billion) funds injection to assist rebuilding in the Canterbury region…
ACC privatisation not clear
23 May 2011
The Insurance Council of New Zealand says it’s unclear what impact the proposed privatisation of the Accident Compensation Corporation’s workers’ compensation business will have…
Insurance contract standard deadline slipping
23 May 2011
The International Financial Reporting Standards Foundation is working to produce a proposed standard by June 30 and is meeting weekly in Europe to iron out any differences…
Insurance industry ignored in the Budget
16 May 2011
The insurance industry has escaped any draconian changes in this year’s Federal Budget, but this could be the calm before the storm because the Government’s review of insurance is…
ASIC forecasting a $44 million deficit
16 May 2011
The Australian Securities and Investments Commission has been given a $541.6 million budget for the 2012 financial year, according to the Federal Budget papers…
APRA budgets for a loss next year
16 May 2011
The Australian Prudential Regulation Authority will run at a $3.8 million loss in the next financial year, according to the Federal Budget papers…
Victorian FSL reforms near
16 May 2011
The Victorian Government will release a consultation paper next month on a new system to fund fire services in the state…
ASIC fights ‘burden of truth’ ruling
16 May 2011
The Australian Securities and Investments Commission has won its latest legal battle against seven James Hardie directors, being granted special leave on Friday to appeal to the High Court against…
Insurance contract standard discussions continue
16 May 2011
The International Accounting Standards Board is still undecided how non-insurance goods and services should be treated in an insurance contract…
Confusion still reigns on commissions
09 May 2011
Federal Treasury has been unable to clarify conflicting statements about commissions on general insurance being sold through superannuation funds…
New ASIC and ACCC chairmen announced
09 May 2011
Two major appointments to vital regulatory bodies have been announced by the Federal Government in the past week…
NSW moves to limit directors’ liability
09 May 2011
NSW company directors and officers could still face prosecution in cases of industrial manslaughter, but WorkCover will now have to prove their case before action is taken…
Victoria holds workers’ compensation premiums steady
09 May 2011
Victoria will maintain its average rate for workers’ compensation at 1.338% for the 2011/12 financial year…
Senate recommends LMI be transferable
09 May 2011
The Senate has recommended lenders’ mortgage insurance be made transferable, despite opposition from the industry…
FOFA: Reform will restore trust, says Shorten
02 May 2011
The surprise reform in the Federal Government’s Future of Financial Advice package announced last week has been the banning of commissions on life insurance sold within superannuation…