Senate recommends LMI be transferable
09 May 2011
The Senate has recommended lenders’ mortgage insurance be made transferable, despite opposition from the industry…
Regulatory & Government
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…
Paper proposes separate compo scheme for consumers
02 May 2011
A new Federal Government paper on compensating consumers has called for a scheme to be established to reduce the reliance on professional indemnity insurance…
Queensland stonewalling delays Senate report
02 May 2011
A lack of responses has led to a Senate report on the insurance arrangements of the state and territory governments and the flood levy to be delayed until June 30…
Disaster preparedness under review
02 May 2011
Recommendations to better prepare for the next natural catastrophe will be presented to Attorney-General Robert McClelland later this month…
Reinsurance pool members reappointed
02 May 2011
Assistant Treasurer Bill Shorten has reappointed two board members of the Australian Reinsurance Pool Corporation for a further three years…
New NZ authority gets a budget
02 May 2011
The New Zealand Government has given the new Financial Markets Authority a $NZ24 million ($17.6 million) budget…
APRA issues guidelines on capital standards
18 April 2011
The Australian Prudential Regulation Authority has issued a set of answers to general insurers’ concerns on capital adequacy standards…
WA WorkCover rates rise 3.3%
18 April 2011
WorkCover rates in WA will rise by 3.3% for 2011/12, with the average recommended premium rate being 1.547% of total wages…
Insurers facing ‘unprecedented regulation’
18 April 2011
A meeting of insurance executives and regulators in Geneva has heard that governments are seeking to impose an unprecedented amount of regulation on insurers, and there is anxiety that the…
NZ’s new regulator to start on May 1
18 April 2011
The NZ Financial Markets Authority will now start on May 1 after the bill setting it up passed its third reading in Parliament…
Surprise as GIO dropped from Victorian comp scheme
11 April 2011
Suncorp subsidiary GIO has been dropped from Victoria’s workers’ compensation scheme – and it’s not happy with the decision…
ASIC proposes new training scheme for financial advisers
11 April 2011
The Australian Securities and Investments Commission is proposing that all new and existing financial advisers pass a “financial services competency certification” examination…
New standards for insurance contracts looming
11 April 2011
Australian insurers will have to revalue their insurance contracts when the International Financial Reporting Standards accounting guidelines on insurance contracts come into force…
Coalition continues support for commissions
11 April 2011
The Federal Coalition will continue its support for retaining life insurance commissions, citing UK moves to exclude them from its retail distribution review…
Deadline for advisers providing tax advice
11 April 2011
Financial advisers will be able to provide tax advice until June 30 next year under an extension announced by Assistant Treasurer Bill Shorten…
APRA approves Tower deal
11 April 2011
Dai-ichi Life has received approval from the Australian Prudential Regulation Authority for its takeover of Tower Australia…
NZ authority to start in May
11 April 2011
The New Zealand Financial Markets Authority will be operational in May, a spokesman for the Commerce Minister Simon Power told insuranceNEWS.com.au…
O’Farrell Government ‘aware of fire services levy issue’
04 April 2011
NSW Premier Barry O’Farrell’s has announced his new cabinet, with no change from the opposition line-up for those who are now responsible for major insurance-related matters…
Brokers meet NZ register deadline
04 April 2011
The general insurance industry seems to have been more prepared for New Zealand’s new Financial Service Providers Register than their financial services counterparts…