APRA to publish insurers’ 2050 affordability projections
09 December 2024
The nation’s biggest insurers are modelling premium affordability under different climate scenarios for the prudential regulator...
Regulatory & Government
AFCA hails ‘mature’ status as review process closes
09 December 2024
The Australian Financial Complaints Authority says it has completed a three-year program to deliver on 13 recommendations made in an independent review of its operations...
New construction watchdog aims to build on ‘momentum shift’
09 December 2024
NSW’s new building commissioner says further reforms are a priority as he begins his tenure...
Parliament passes merger law overhaul
02 December 2024
The federal parliament has passed merger law reforms that require the competition watchdog to be notified of all deals above a certain transaction threshold...
No let-up in builder claims pressure as insolvencies surge
02 December 2024
The State Insurance Regulatory Authority says claims pressure on the NSW builders’ warranty scheme will persist as the construction industry grapples with rising costs and labour shortages...
Builder fined over fake insurance documents
02 December 2024
A WA construction business has been fined $5000 for producing a false home indemnity insurance certificate when applying for a building permit...
Insurers told to learn from banks on accountability overhaul
02 December 2024
Regulators have urged insurers to note possible gaps in the way banks have handled the introduction of the Financial Accountability Regime...
Current advice regime constrains industry, ICA says
25 November 2024
The Insurance Council of Australia has backed advice law changes that “enhance the quality” of customer engagement, as the federal government prepares its next tranche of reforms...
ASIC releases guidance on commission consent
25 November 2024
The Australian Securities and Investments Commission has released guidance on commission consent laws that take effect on July 10 next year...
State moves on further strata reforms
25 November 2024
The NSW government has introduced more strata legislation into parliament, with the latest reforms flowing from a 2021 statutory review...
ASIC expands emergency payout system
25 November 2024
The Australian Securities and Investments Commission has extended an arrangement that helps insurers quickly pay consumers small cash sums in emergency situations...
APRA reinsurance reform impacts ‘unclear’
25 November 2024
Proposed prudential changes that would encourage the industry to explore alternative reinsurance options such as catastrophe bonds come with trade-offs, according to Fitch Ratings...
Labor calls for pre-budget submissions
25 November 2024
The federal government has invited submissions from individuals, community groups and businesses on ideas and priorities for the next budget...
State publishes strata guide for residents
18 November 2024
NSW has released a strata living guide for residents that includes details of law changes taking effect in February to strengthen disclosure obligations...
ICA warns AI reforms ‘disjointed, hazardous’
18 November 2024
A disjointed regulatory approach to the use of artificial intelligence and automated decision-making could create conflicting requirements, increased compliance burdens and further uncertainty, the Insurance Council of Australia has warned...
Licence scheme, tough fines to ‘smoke out’ tobacco criminals
18 November 2024
Victoria is cracking down on illicit tobacco sales and organised crime, launching a strict business licensing scheme and “massive consequences” for breaking the law...
Industry braced for climate impact on business: APRA
18 November 2024
More than 90% of general insurers and reinsurers expect climate change to affect their underwriting, according to an Australian Prudential Regulation Authority survey...
NZ insurer cops warning over solvency margin
18 November 2024
The Reserve Bank of New Zealand has warned Quest Insurance over failures to comply with prudential rules including maintaining a minimum solvency margin for non-life business...
New legislation ‘tidies mishmash’ of NZ insurance laws
18 November 2024
New Zealand has passed laws designed to provide better consumer protections, such as requiring insurers to ask the “right questions” and write policies in plain English...
Watchdog eyes easing of reinsurance requirements
11 November 2024
The Australian Prudential Regulation Authority is canvassing the industry over changes to its reinsurance framework, as it looks for ways to improve premium affordability...