Losses continue at Queensland WorkCover
04 October 2010
WorkCover Queensland has reported a loss of $259 million for the 2009/10 financial year, an improvement on the previous year’s $567 million loss…
Regulatory & Government
Lawyers round on NZ quake law
04 October 2010
The NZ legal profession says powers delegated to ministers under the new Canterbury Earthquake Response and Recovery Act are potentially at odds with the rule of law…
Tasmania keeps CTP premium down
04 October 2010
Tasmanians will be spared an annual increase in their compulsory third party insurance premiums for the sixth year in a row, according to Premier David Bartlett…
New capital regime may impact insurers
27 September 2010
The Australian Prudential Regulation Authority is examining the definition of “eligible capital” for general insurers in a broader review of general and life insurance capital standards…
WA body seeks national profile
27 September 2010
Workcover WA wants to strengthen its profile across Australia to ensure its views on a possible national scheme are heeded…
Pakistan’s economy harmed, says EFIC
27 September 2010
The economic costs of the recent floods in Pakistan are expected to be 25% of the country’s GDP, according to the latest Export Finance and Insurance Corporation World Risk Developments report…
Inquiry backs insurance tax cuts
20 September 2010
The abolition of cascading taxes on insurance has been recommended by a long-awaited cross-bench inquiry into the Victorian Government’s tax regime…
Shadow financial services line-up revealed
20 September 2010
The Federal Coalition’s shadow financial services line-up includes some familiar faces and the not-so-familiar features of a former ladies’ college gardener from Perth…
AMP rep gets lifetime ban
20 September 2010
A former AMP authorised representative who falsely arranged life and income protection policies has been permanently banned from providing financial services…
ASIC secures $1 million Westpoint settlement
20 September 2010
The Australian Securities and Investments Commission has reached a $1 million settlement of its actions against Barzen (formerly Dukes Financial Services) and company principal Joseph Dukes…
Shorten in, Bowen and Sherry move on
13 September 2010
Former lawyer and trade unionist Bill Shorten has been rewarded with the key portfolio of financial services and superannuation in a reshuffle announced on Saturday by Prime Minister Julia Gillard…
ACCC rejects NAB bid for Axa
13 September 2010
The Australian Competition and Consumer Commission has rejected NAB’s takeover of Axa Asia Pacific Holdings…
ASIC updates PDS guide
13 September 2010
The Australian Securities and Investments Commission has released an updated guide on product disclosure statements and obligations…
APRA makes a plea for financial data
13 September 2010
The Australian Prudential Regulation Authority has written to companies it regulates seeking their co-operation in continuing to report the financial results of any parent companies…
NZ Insurance Act passed
06 September 2010
New Zealand’s Insurance (Prudential Supervision) Act has been passed, with the local industry giving the legislation enthusiastic support…
Queensland cuts cost of CTP
06 September 2010
The Queensland Parliament has moved to ban the payment of commissions by compulsory third-party insurers to motor dealers…
Hardie held liable for tax bill
06 September 2010
A Federal Court of Australia ruling last week found the James Hardie Group liable for a $412 million tax bill…
Data loss risks licence loss
30 August 2010
Australian insurers losing client data come under scrutiny from both the prudential and corporate regulators, and risk losing their licences…
ACCC regulation changes to impact industry
30 August 2010
New mandatory product safety reporting requirements will be a “double-edged sword” for product liability insurers, according to a legal expert…
APRA keeping an eye on insurance
30 August 2010
The Australian Prudential Regulation Authority will continue “stress-testing” the general insurance industry as part of its supervision of financial services…