AFCA appoints new board member
01 May 2023
Gerard Brody has been appointed to the Australian Financial Complaints Authority board, replacing Elissa Freeman from May 4, while Director Jennifer Darbyshire’s term was extended for another three years...
Regulatory & Government
ASIC continues to refine breach reporting regime
01 May 2023
The Australian Securities and Investments Commission is continuing to undertake consultations to improve the operation of the breach reporting regime following its introduction 18 months ago...
Transport cover specialist’s licence cancelled after PI non-compliance
01 May 2023
The Australian Securities and Investments Commission has cancelled the licence of Assurance Cover Australia, a provider of discretionary cover for motor vehicles and drivers...
NSW Government directs icare to limit premium hike
24 April 2023
The NSW Government has directed workers’ compensation insurer icare to limit average premium increases to 8% in each of the next three financial years after businesses protested about a potential 20% jump...
ACCC Suncorp bank sale decision set for July
24 April 2023
The Australian Competition and Consumer Commission expects to make a decision in late July on the sale of Suncorp bank to ANZ following a slower-than-expected review process since an approval application was lodged in December...
NSW Labor affirms pre-election Warragamba promise
24 April 2023
The NSW Minns Government has affirmed a pre-election promise to scrap plans to raise the height of the Warragamba Dam and is pursuing other mitigation measures...
Many buildings have fire protection defects
24 April 2023
An academic study of Passive Fire Protection systems has made eight recommendations, including establishment of a national database, after finding many buildings in Victoria are defective and this is likely to be an Australia-wide problem...
WA Government implements bushfire policy changes
24 April 2023
The WA Government has announced revisions to its bushfire policy that will place a stronger focus on managing risks earlier...
Decision to pay cyber ransom should remain with victim: ICA
17 April 2023
The decision whether to pay a cyber attack ransom should remain with the victim organisation, an Insurance Council of Australia submission on development of the 2023-2030 Australia Cyber Security Strategy says...
Fraudster to repay compensation after pleading guilty to false WorkCover claim
17 April 2023
A man who failed to disclose a back injury he suffered days before an injury at work will be required to repay for compensation he received from a WorkCover claim...
APRA defers operational risk standard start to mid 2025
17 April 2023
The Australian Prudential Regulation Authority has delayed the start date for a new operational risk standard to the middle of 2025 following industry requests for more time...
icare's improvement program makes progress
17 April 2023
The fifth quarterly update of icare’s improvement program says the NSW state insurer continues to progress the execution of its improvement program...
VBA funds study on water ingress
17 April 2023
The Victorian Building Authority has announced funding for further research into moisture ingress in concrete buildings as it looks for “new and innovative solutions” to minimise its impact...
Workers' comp PTSD onus of proof reversed for firefighters
17 April 2023
The WA Government is extending an onus of proof reversal to firefighters lodging post-traumatic stress disorder claims under the workers’ compensation scheme...
SIRA targets young drivers, CTP affordability in new funding commitment
17 April 2023
The NSW State Insurance Regulatory Authority is providing another round of research funding, of up to $1 million, for ways to improve young driver road safety behaviour and compulsory third party premium affordability...
Cyclone pool report flags further Northern Australia incentives
03 April 2023
The Federal Government may need to consider further incentives to boost insurance competition in Northern Australia, a Parliamentary Committee inquiry into the Cyclone Reinsurance Pool says...
Cyclone pool covers short-term rentals in strata
03 April 2023
Properties that are holiday let on a short-term basis in strata buildings will be eligible for the Federal Government’s cyclone reinsurance pool...
Insurers may be on the hook after Victorian builder goes bust
03 April 2023
The sudden collapse of Victorian home builder Porter Davis may leave domestic building insurance providers on the hook as appointed liquidator Grant Thornton says it is working to find a solution to support customers...
APRA finalises changes for new accounting standard
03 April 2023
The Australian Prudential Regulation Authority has finalised changes proposed for several prudential standards as a result of new accounting rules that take effect this year...
RBNZ calls for feedback on climate-related risk paper
03 April 2023
The Reserve Bank of New Zealand - Te Pūtea Matua says it is seeking input from financial sector members as it looks to set up new guidance to help address evolving climate-related risks...