ICA defends mortgage insurance
28 March 2011
The Insurance Council of Australia has defended the lack of portability in lenders mortgage insurance, despite Federal Government moves to make the transfer of mortgages between banks…
Regulatory & Government
IASB defines insurance contracts
28 March 2011
The International Accounting Standards Board has tentatively decided that insurance contract assets and liabilities should initially be recognised when the coverage period begins…
APRA creates ‘catastrophe watch’ team
21 March 2011
The Australian Prudential Regulation Authority has put together a team of specialist staff to assess the impact of the recent natural catastrophes in Australia and NZ on the overall insurance industry and…
Concerns grow on FOFA timetable
21 March 2011
The delayed release of the Future of Financial Advice reform bill is causing concerns about a timetable for implementation…
Older WA workers get access to compensation
21 March 2011
WA’s ageing workforce participants a can now access worker’s compensation under new reforms abolishing age limits…
ASIC puts consumer information online
21 March 2011
The Australian Securities and Investments Commission has launched a personal finance information service for consumers…
ASIC seeks General Insurance Code of Practice amendment
14 March 2011
Insurers will soon be required to ask customers who contact them for information about their policy coverage whether they would like to make a claim…
Brokers face new fees for compensation fund
14 March 2011
Australian insurance brokers could be hit with a new fee if Federal Treasury gives the go-ahead to the creation of a statutory compensation fund for retail investors under its proposed Future of Financial Advice reforms…
Commission reforms bad, says Opposition
14 March 2011
The Federal Opposition says the insurance industry will face significant problems, including an increase in underinsurance, if risk commissions are banned by the Federal Government…
Insurance Contracts Act reform delayed
14 March 2011
Long-awaited amendments to the Insurance Contracts Act have been indefinitely delayed due to the debate over whether insurers should be subject to new unfair contract terms legislation…
Better economy hits WorkSafe profit
14 March 2011
Victoria’s workers’ compensation body WorkSafe Victoria has achieved a half-year after-tax profit of $396 million – well down on the $686 million achieved in the corresponding period last financial year…
Disaster cover review gets mixed reviews
07 March 2011
The general insurance industry has mixed feelings about a Federal Government review into disaster insurance, welcoming the chance to debate the issues but also wary about the outcome…
Canberra to get tough on states’ insurance
07 March 2011
The Federal Government has cut a deal with independent senator Nick Xenophon to tighten controls on the states’ insurance requirements in return for his vote to pass its $1.8 billion flood levy…
FOFA legislation still due for mid-year release
07 March 2011
Reports that Treasury will release the draft Future of Financial Advice legislation next month are incorrect…
APRA data reveals first trickle of flood claims
07 March 2011
The first trickle of Queensland flood claims has appeared on the balance sheets of insurers, according to data from the Australian Prudential Regulation Authority…
Victoria revisits fire services levy consultation
07 March 2011
The release of a white paper into the Victorian fire services levy and issues surrounding non-insurance has been put on hold as the state’s new government works through its own consultation process…
Pratten hails dropping of threat charge
07 March 2011
Sydney-based insurance executive Charles Pratten has had charges alleging he threatened a federal police officer dropped…
Lawyers cry foul over CTP bill
07 March 2011
Canberra’s legal fraternity says the ACT’s new compulsory third party insurance bill needs further review before being approved by the Legislative Assembly…
Call for compensation scheme
28 February 2011
Financial Services Compensation Scheme Chairman Peter E Daly has again called for the scheme to be implemented in Australia to assist retail clients…
HIH lessons helped APRA navigate the GFC
28 February 2011
The strength of the Australian Prudential Regulation Authority during the global financial crisis can be attributed, in part, to the collapse of HIH, a senior APRA official says…