New powers for prudential regulator
01 February 2010
The financial regulator is set to receive new powers to probe insurers, compel compliance and take swift action to save failing institutions…
Regulatory & Government
Government seeks new teeth for ASIC
01 February 2010
The Federal Government wants to crack down on insider trading and other market-related offences by stiffening penalties and beefing up investigative powers…
Axe insurance taxes, says report
01 February 2010
The Federal Government must as a “matter on priority” abolish state taxes on insurance products, according to a report on Australian financial services…
HIH director appeal upheld
01 February 2010
A second non-executive director linked to the collapse of insurer HIH has successfully overturned a ban imposed by the Australian Prudential Regulation Authority…
Government insurers pay $326 million in liability claims
01 February 2010
Australian state and territory-owned general insurers paid $326 million on more than 10,000 claims for professional indemnity and public and product liability insurance in 2008…
NIBA: online disclosure the way of the future
01 February 2010
The National Insurance Brokers Association has urged regulators to introduce standard online disclosure to trim costs for insurers, brokers and customers…
Industry records $513 million underwriting loss
14 December 2009
Bad weather and soft market conditions have drained underwriting profitability for insurers, with a collective underwriting loss of $513 million in the year to June 30…
Review finds GI code working well
14 December 2009
A General Insurance Code of Practice review has recommended few changes in handing the system a clean bill of health…
Abbott names financial services spokesman
14 December 2009
New Federal Opposition Leader Tony Abbott has named National Party MP Luke Hartsuyker as the new Shadow Minister for Consumer Affairs, Financial Services…
New law will limit avoidance, says ACT
14 December 2009
The ACT Government says its new Workers’ Compensation Amendment Act, which was enacted last week, will limit opportunities for sham contracting by employers…
Comments cast longer shadow over Suncorp bank sale
14 December 2009
The sale of Suncorp’s bank to an Australian major appears even less likely following comments by Australian Competition and Consumer Commission Chairman Graeme Samuel…
Captives unhappy at new NZ insurance legislation
14 December 2009
A trade body representing New Zealand captive insurers says new legislation creates a double standard by excluding foreign subsidiaries…
Government rethinks reporting demands
07 December 2009
Industry comments have prompted the Federal Treasury to revise proposed new data collection and reporting requirements for dealings with unauthorised foreign insurers and atypical risks…
New legislation to impact insurers
07 December 2009
The Senate has passed the Personal Property Securities Bill, which affects a number of businesses including insurers…
APRA proposes reporting changes
07 December 2009
The Australian Prudential Regulation Authority is proposing new changes to prudential reporting for general insurers…
Zurich loses Speno case appeal
07 December 2009
The High Court has confirmed that carefully worded “other insurance” clauses are not voided by the Insurance Contracts Act 1984 and can in some circumstances be used…
Fire services levy discussion paper released
30 November 2009
The Victorian Bushfires Royal Commission has released a discussion paper inviting comment on possible reforms to the fire services levy and insurance…
Third Westpoint settlement reached
30 November 2009
The Australian Securities and Investments Commission has settled Federal Court class actions against two Melbourne-based financial services firms over advice given to investors…
Bowen eyes insurance services export growth
30 November 2009
Financial Services Minister Chris Bowen has identified greater scope for the provision of Australian insurance services to overseas markets…
Ratings agencies adapt to new ASIC regulations
23 November 2009
Ratings agencies Standard & Poor’s and Moody’s have announced that they will apply for wholesale Australian financial service licences in preparation for the introduction of…