Industry concerned over new capital standards
05 July 2010
Risk insurers believe the new capital standards being proposed by the prudential regulator could increase minimum capital requirements and add unnecessary complexity…
Regulatory & Government
ASIC’s class order retains its complexity
05 July 2010
The Australian Securities and Investments Commission has ignored broker concerns by releasing further amendments to a class order regulating group purchasing bodies…
Terrorist attack added to disasters list
05 July 2010
Terrorist attacks have been added to the Federal Government’s Natural Disaster Relief and Recovery Arrangements list of covered events…
APRA introduces simplified reporting
28 June 2010
New prudential reporting requirements are expected to simplify the process for general insurers, according to the Australian Prudential Regulation Authority…
Brokers still unhappy with class order
28 June 2010
Brokers believe that a regulatory class order offering relief for group purchasing bodies is unnecessarily confusing and expensive…
Short PDS regulations passed
28 June 2010
New regulations promoting short and simple product disclosure statements are in place, but do not initially apply to general insurance products…
Brokers miss out on credit code exemption
21 June 2010
Brokers have missed out on an exemption to the incoming national consumer credit protection regime, presenting potential compliance headaches for those involved in premium funding…
APRA replaces Trowbridge
21 June 2010
The Australian Prudential Regulation Authority has appointed Ian Laughlin as Executive Member, replacing John Trowbridge, whose term concludes at the end of this month…
Banned AR paid client’s claim himself
21 June 2010
WA authorised representative Steven James Ker has been permanently banned from providing financial services for dishonest conduct in relation to the placement of insurance…
Bowen committed to simplifying disclosure
21 June 2010
A Federal Government initiative to simplify disclosure documents for superannuation and simple managed investment products is likely to be extended to other sectors…
KPMG targets ASIC in constitutional challenge
15 June 2010
KPMG has fired a broadside against the Australian Securities and Investments Commission and Westpoint directors for their part in the $1.7 billion collapse of the property group…
Mixed feelings over NZ draft law
15 June 2010
NZ insurance brokers have welcomed changes to the Financial Service Providers Bill, which clarifies how they will be treated under the new regime…
Lloyd’s clients excluded from Queensland duty refund
15 June 2010
The Queensland Government has ruled that limited stamp duty refunds payable to clients of foreign insurers will not extend to Lloyd’s underwriters…
Funders lobbying hard over national credit code
15 June 2010
With just a fortnight until new national consumer credit laws come into effect, insurance premium funders remain hopeful of securing an exemption to the legislation…
Systemic risk improvements touted
15 June 2010
An international body representing securities commissions has released a new set of principles of securities regulation that incorporate lessons learned from the global financial crisis…
General insurers record first-quarter loss
07 June 2010
High claims costs combined with typically lower net written premium saw the general insurance industry record a $300 million underwriting loss in the first quarter of this year…
Bowen links commission ban with integrity
07 June 2010
Banning commission payments will boost the integrity and attractiveness of Australia’s financial services industry to offshore investors, according to Financial Services Minister Chris Bowen…
APRA publications to improve life insurance industry disclosure
07 June 2010
The Australian Prudential Regulation Authority has disclosed the level of detail it will include in its proposed new life insurance publications…
APRA rules national claims database non-confidential
31 May 2010
The prudential regulator won’t classify information on the National Claims and Policies Database as confidential following consultation with the general insurance industry…
APRA hosts capital review
31 May 2010
The Australian Prudential Regulation Authority’s reform of capital standards is gathering steam, with the regulator to meet industry figures next month…