Hockey sticks it to insurance taxes
08 March 2010
Shadow Treasurer Joe Hockey has promised to put insurance tax reform on the Liberal Party’s political agenda should the Henry tax review fail to address the issue…
Regulatory & Government
Insurance representative cops 10-year ban
08 March 2010
Victorian insurance representative Terrence McDonald has copped a 10-year ban from the financial regulator for failing to comply with financial services laws…
Westpoint investors group to get 70% back
08 March 2010
A new $13.5 million settlement for a group of 525 investors in the failed Westpoint group will see them recover an estimated 71 cents in the dollar…
No rush for refunds on stamp duty
01 March 2010
A NSW Court of Appeal ruling that entitles some insurance clients to significant stamp duty refunds has attracted only a muted response, according to industry sources…
Auditors want mandatory risk management standards
01 March 2010
The Institute of Internal Auditors has called for strict regulatory standards around risk management, pointing to the global financial crisis as evidence of the perils of excessive risk-taking…
Group purchases may qualify for AFS exemption
01 March 2010
The financial regulator says companies arranging group insurance cover may not be required to hold a financial services licence…
BAS and tax agents face PI compulsion
01 March 2010
Registered BAS and tax agents will be required to hold professional indemnity insurance coverage from July of next year, the Tax Practitioners Board has announced.…
Australia ‘can’t go it alone’ on regulation
22 February 2010
Australia walks a fine regulatory line despite emerging from the global financial crisis in better shape than most, according to Federal Treasury officer Vicki Wilkinson…
APRA capital review to impact life insurers more
22 February 2010
The Australian Prudential Regulation Authority will release a discussion paper next month on its insurance capital review that will reveal more substantial changes…
Towell warns on ‘inconsistent’ regulation
22 February 2010
Insurance Council of Australia President Terry Towell has sounded a note of caution to the Federal Government on the regulatory burden being borne by the local industry…
Sherry cautious on insurance tax reform
22 February 2010
Federal Assistant Treasurer Nick Sherry says Australia shouldn’t miss the opportunities provided by current independent reviews such as the Henry tax review to tackle…
Brokers need to plan for new consumer credit regime
15 February 2010
The new National Consumer Credit Protection Regime, expected to begin on July 1, contains some potential compliance headaches for insurance brokers…
Lack of insurance adds to construction company failure
15 February 2010
Australia’s construction union has revealed a company charged with building two Canberra suburbs operated one of its project sites without insurance…
ASIC tightens use of credit ratings
15 February 2010
Australian financial services licensees will be prevented from disclosing their ratings to clients under changes outlined by the corporate regulator…
Competition watchdog mulls over Axa bids
15 February 2010
The battle for Axa Asia Pacific Holdings’ Australasian assets, and with it the future shape of the local financial services industry, has entered the domain of the Australian Competition…
Shark a scammer: Cronulla fan
15 February 2010
Former Cronulla Sharks CEO Tony Zappia’s alleged involvement in a life insurance scam has deepened, according to a Sydney Morning Herald report…
High Court turns tables over safety case
08 February 2010
The investigation and prosecution of occupational health and safety breaches has been fundamentally altered after a High Court ruling last week quashed a conviction…
NZ law could increase liability exposure
08 February 2010
Lawyers say a proposal to amend New Zealand legislation governing the payment of certain civil damages could increase exposure for liability insurers…
ASIC cops cost of One.Tel case
08 February 2010
The Australian Securities and Investments Commission has been ordered to pay more than $14 million in legal costs after losing its case against former directors of One.Tel…
APRA issues guidance on IT security risk
08 February 2010
The Australian Prudential Regulation Authority has released a prudential practice guide to help safeguard firms against information technology security risks…