NIBA opposes rise in dispute compensation cap
11 May 2009
NIBA has told regulators a $200,000 hike in dispute compensation limits will jeopardise brokers’ access to professional indemnity cover...
Regulatory & Government
APRA wants to hear about IT security risks
11 May 2009
The Australian Prudential Regulation Authority is seeking input on an information technology security risk guide – even though it isn’t intended to replace current industry standards...
Government pushes back ETA for its ETS
11 May 2009
Insurers will generally welcome the Federal Government’s decision to significantly change its proposed carbon emissions trading scheme in a bid to get the legislation through the Senate...
Legislation targets life insurers
11 May 2009
Tricky federal legislation targeting life insurers has entered a new phase, with the Australian Prudential Regulation Authority calling for submissions on proposed changes...
Medical indemnity gets clean bill of health
04 May 2009
The Australian Competition and Consumer Commission says medical indemnity insurance prices are now where they should be, seven years after industry turmoil saw rates rocket...
APRA bans former FAI executive
04 May 2009
APRA has disqualified former FAI senior executive Ashraf Kamha for his role in producing fraudulent company accounts...
New credit regime takes a hard line
04 May 2009
The Federal Government has released its draft National Consumer Credit Protection Bill to “modernise” Australia’s financial services sector...
New PI limit too high, say brokers
27 April 2009
Brokers aren’t happy about a looming increase in the claims limit being imposed by the Financial Ombudsman Service as it takes on the role formerly undertaken...
ASIC unable to prevent Storm collapse
27 April 2009
The collapse of Queensland investment firm Storm Financial could not have been prevented by ASIC...
Community groups fail in bid for liability reform
27 April 2009
Community and arts groups have failed in their bid to obtain public liability insurance subsidies or exemptions following the Australia 2020 Summit last year...
HIH collaborator cops lifetime ban from UK regulator
20 April 2009
The UK financial regulator has won a long drawn-out case against a former reinsurance executive whose sham transactions helped an HIH Insurance subsidiary hide massive losses...
Unlicensed adviser sentenced
20 April 2009
NSW financial adviser Keith Rowntree has been disqualified from managing corporations for five years and will undertake 80 hours of community service after being convicted...
… as more advisers face court
20 April 2009
Five former directors have appeared before Australian courts accused with dealing in financial products, including Westpoint promissory notes, without a licence...
Australian corporates fail test of auditor independence
20 April 2009
Many Australian listed companies are neglecting basic governance standards by failing to establish independent internal audit standards, a new survey has found...
Ombudsman submissions close today
20 April 2009
Submissions on the Financial Ombudsman Service proposed new terms of reference close today...
Federal funds for disaster mitigation
20 April 2009
Australian states and territories will receive $18.6 million in natural disaster mitigation funding from the Federal Government this year...
Insurance director pleads guilty to fraud
06 April 2009
Victorian director Timothy John McKenzie is likely to go to jail this week after pleading guilty to five charges of deception and theft of insurance payments...
Bushfire hearing applications close on April 9
06 April 2009
People interested in appearing before the 2009 Victorian Bushfires Royal Commission must lodge an application by Thursday...
Investment downturn bites into December life profits
06 April 2009
Australian life insurers’ stories of increasing sales in a looming recession may be true, but nothing will hide the fact that the collapse of investment markets last year hurt them badly...
APRA figures reveal stabilising liability lines
30 March 2009
APRA has released the latest annual report on policies and claims for public and product liability from the National Claims and Policies Database...