Former Zurich execs cop APRA suspension
24 August 2009
The Australian Prudential Regulation Authority has accepted enforceable undertakings from two former Zurich Australia executives who acknowledged their roles in transactions…
Regulatory & Government
Court rules on Hardie penalties
24 August 2009
The Australian Securities and Investments Commission says its successful prosecution of James Hardie directors and executives provides "important guidance" on executive…
KPMG auditors banned over Westpoint
24 August 2009
Three KPMG partners have accepted temporary auditing bans over their role in the Westpoint Group collapse…
US insurance chief praises APRA
17 August 2009
US insurance leader Bill Berkley says the Australian Prudential Regulation Authority is an "honest regulator" which uses "rules modified by judgement"…
Report warns of ‘uninsurable’ climate risk
17 August 2009
A report by the Australian Strategic Policy Institute has warned public agencies to act fast on climate change before insurers refuse to cover the rising risk…
Government adopts disaster management approach
17 August 2009
The Federal Attorney-General has released arrangements outlining the combined federal, state, territory and local government approach to emergency management…
Bans stay for ex-Zurich chiefs
10 August 2009
Former Zurich executives John Butler and Alan Parsonson have failed in their bids to overturn bans imposed by the Australian Prudential Regulation Authority…
Australia, NZ inspire new global risk standard
10 August 2009
The first-ever international risk management standard will be enacted in October, following four years’ work by experts from 28 countries and lots of influence from Australia and NZ…
Austrac toughens up on anti-money laundering
10 August 2009
Insurance premium funders and life insurers can expect close attention over compliance with new anti-money laundering and counter-terrorism legislation…
Restrict the term ‘financial adviser’: AFA
10 August 2009
The Association of Financial Advisers is calling on the Federal Government to review requirements for professional indemnity insurance…
Feathers still flying in ombudsman merger process
03 August 2009
The merger of the risk insurance, investments and banking dispute resolution schemes under the Financial Ombudsman Service umbrella continues to generate rumblings…
Fire services levy under tax review microscope
03 August 2009
Victorian Premier John Brumby is standing by the state’s controversial fire services levy on general insurance despite it coming under scrutiny by the Federal Government’s review…
Try to settle disputes in-house, says busy ombudsman
03 August 2009
New disputes before the Financial Ombudsman Service jumped more than 40% in the first five months of this year, prompting a plea to companies to beef up…
Bushfire queries dominate hotline
03 August 2009
The Financial Ombudsman Service says 90% of calls and emails received by its natural catastrophe hotline this year were about the Victorian bushfires – and 59% of those related to…
Stress is good for insurers, says regulator
27 July 2009
Insurer solvency stress testing should be stressful, according to a senior Australian Prudential Regulation Authority official…
IAG hits out at exec pay reforms
27 July 2009
Insurance giant IAG has urged the Federal Government to rethink its proposal to cap “golden handshake” payments or risk reducing the pool of qualified board members and executives…
Australia watches US credit rating moves
27 July 2009
Australia is watching the progress of new legislation before the US Congress which is aimed at tightening control over credit ratings agencies and reducing business reliance on them…
Insurer wants action on mobile phone drivers
27 July 2009
Personal lines insurer Budget Direct wants insurers to raise the premiums of vehicle owners convicted of using mobile phones while driving…
Clients stand to gain millions in stamp duty refunds
20 July 2009
Insurance customers may be eligible for more than $50 million in stamp duty refunds after the NSW Court of Appeal held the impost is not payable by foreign insurers…
Loss adjusters seek insurance code upgrade
20 July 2009
Loss adjusters want minimum standards set in the General Insurance Code of Practice for everyone handling insurance claims…