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…
Regulatory & Government
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…
Insurance disaster inquiry convenes in Victoria
24 October 2011
The House of Representatives inquiry into the insurance industry’s response to disasters will this week convene in Victorian towns affected by floods and fire…
Kell and Tanzer return to ASIC
24 October 2011
The Australian Securities and Investments Commission is set to beef up its protection of consumers with the return of experienced regulators Greg Tanzer and Peter Kell as commissioners…
Wellington’s quake risk may become an insurance issue
24 October 2011
Wellington, long regarded as having New Zealand’s highest seismic risk, could suffer at the hands of insurers and over-regulation in the wake of the Christchurch earthquakes, NZ Reserve Bank Governor…
ASIC slams credit insurance sales practices
24 October 2011
The Australian Securities and Investments Commission has called for improvements in the way consumer credit insurance is sold…
NSW snubs insurers for professional services taskforce
17 October 2011
The NSW Government has formed a taskforce to look into the professional services sector, but general and life insurers have been ignored…
CTP gouging claims disputed
17 October 2011
The Insurance Council of Australia has defended claims that NSW compulsory third party insurers are reaping super-profits from the scheme…
MP criticises brokers’ ability to handle claims
17 October 2011
The House of Representatives disaster inquiry has uncovered significant dissatisfaction with communication between brokers and insurers…
NZ ACC cuts levies
17 October 2011
New Zealand’s Accident Compensation Corporation will reduce compulsory levies on employers and workers next year after reporting a surplus in 2010/11…
New crisis co-ordination centre opens
17 October 2011
Attorney-General Robert McClelland opened the new $14 million Crisis Co-ordination Centre in Canberra today…
TPD tax treatment in super becomes law
17 October 2011
The Federal Government has finalised the tax treatment rules on total and permanent disability insurance in superannuation funds…
Brokers caught up in FOFA volume payments ban
10 October 2011
Poor drafting of the draft Future of Financial Advice bill on payments means general insurance brokers could be included in some bans, according to a leading financial services lawyer…
Bid to dump taxes recognised
10 October 2011
While some major steps have been made in recognising the need to abolish insurance taxes, more action is needed, Insurance Council of Australia GM Economics and Taxation Directorate…