ASIC bans former broker for 'misappropriating premiums'
06 March 2023
The Australian Securities and Investments Commission has permanently banned a former insurance broker for misappropriating client premiums totalling $41,000 for his own benefit...
Regulatory & Government
Insurers, NIBA renew resilience call in submissions to Senate inquiry
06 March 2023
IAG and Suncorp have made extensive submissions to a Senate-led disaster resilience inquiry, attaching reports to support their push for greater mitigation and other measures to address future catastrophes...
Queensland reviews CTP scheme
06 March 2023
Queensland’s Motor Accident Insurance Commission has released a discussion paper seeking feedback on ways to improve the sustainability of the state’s compulsory third party motor insurance scheme...
VBA supports further research into mould damage
06 March 2023
The Victorian Building Authority has backed a research project from the University of Sydney into moisture resilience as it continues to take on the issue of water ingress and mould damage...
Reforms powering up Consumer Data Right raise red flags
06 March 2023
The Insurance Council of Australia has warned expanding the Consumer Data Right to the sector could have adverse consequences if key issues aren’t considered, as a Senate Committee considers a parliamentary bill to power up the information-sharing regime...
Government seeks cyber security strategy feedback
06 March 2023
The Federal government is seeking feedback until mid-April on the development of a 2023-2030 Australian Cyber Security Strategy...
Union vows to maintain push for national engineered stone ban
06 March 2023
National construction union, CFMEU, says it will “continue its fight” for a ban on engineered stone products after the Federal Government announced that it would consider its prohibition...
ASIC launches first greenwashing court proceedings
06 March 2023
The Australian Securities and Investments Commission has launched its first court action alleging greenwashing conduct after highlighting it as an enforcement priority area for this year...
'Double dipping': SIRA prosecutes Sydney man over injury fraud
06 March 2023
The NSW State Insurance Regulatory Authority has successfully prosecuted an injured Sydney worker for obtaining a financial advantage by deception/dishonesty...
Northern Rivers residents offered first buybacks
27 February 2023
Some flood-affected homeowners in NSW’s Northern Rivers region have received initial offers for home buybacks from the Northern Rivers Reconstruction Corporation as part of a joint federal and state government initiative...
RACQ Insurance says Queensland homeowners 'embracing' retrofitting initiative
27 February 2023
RACQ Insurance says many policyholders have turned to the joint Queensland and federal government Resilient Homes Fund for flood resilience upgrades as the first works begin...
WA moves to stamp out 'predatory' motor claim inducement
27 February 2023
Legislation aimed at putting a stop to “harvesting” of motor vehicle injury insurance claims is set to be introduced in WA...
ASIC begins Federal Court action against RACQ Insurance
27 February 2023
The Australian Securities and Investments Commission has commenced Federal Court action that alleges RACQ Insurance misled customers over pricing discount promises...
Submissions to Senate inquiry press for insurance solutions
27 February 2023
Submissions to a Senate inquiry on Australia’s disaster resilience say solutions to ongoing insurance challenges must be considered as part of the long-term answer...
Court imposes penalty over anti-hawking breach
27 February 2023
The Southport Magistrates Court in Queensland has imposed a $70,000 penalty over a breach of anti-hawking laws following an investigation by the Australian Securities and Investments Commission...
Queensland begins workers' compensation review
27 February 2023
An independent review of the Queensland workers’ compensation scheme will include an examination of its performance, how psychological injuries are managed and other emerging issues...
NZ Parliament passes Earthquake Commission overhaul bill
27 February 2023
New Zealand’s Parliament has passed the Natural Hazards Insurance Bill, which replaces and simplifies Earthquake Commission legislation and introduces a number of changes recommended by a public inquiry into the handling of Christchurch claims...
Federal Government announces flood protection programs for Northern NSW
27 February 2023
Emergency Services Minister Murray Watt has announced funding for the flood mitigation projects recommended by the CSIRO’s Northern Rivers Resilience Initiative...
Former ASIC chairman proposes 'stand-alone' insurance regulator
20 February 2023
The former chairman of the Australian Securities and Investments Commission James Shipton says a “stand-alone” insurance regulator “could be considered”, bringing prudential and conduct oversight together...
'Misleading pricing': ASIC puts industry on notice over failed promises
20 February 2023
The Australian Securities and Investments Commission says its Enforcement Priorities program for this year include “misleading insurance pricing promises” as the industry comes under pressure over failures to honour pricing discounts...