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Regulatory & Government

… as DOFI deadline slipping

18 February 2008

The July 1 deadline for the DOFI bill is likely to slip by at least three months, says NIBA CEO Noel Pettersen…

NZ reforms will raise costs

18 February 2008

Impending regulatory reforms for the NZ insurance industry will protect reputations but also raise compliance costs, says Insurance Council of New Zealand CEO Chris Ryan…

APRA flags reinsurance u-turn

18 February 2008

APRA has flagged a change of heart on its proposed reinsurance refinements after a storm of protest from the industry…

No subprime worries for Oz insurers

18 February 2008

APRA has given Australian insurers a clean bill of health in the wake of AIG's $US4.88 billion ($5.4 billion) subprime writedown…

ASIC launches stakeholder survey

18 February 2008

The Australian Securities and Investments Commission has called for stakeholders to complete an online survey as part of its strategic review…

Call for independent regulator watchdog

18 February 2008

An independent body is needed to mediate between the insurance industry and the twin regulators APRA and ASIC, says Access Economics Director Ric Simes…

Weather, market downturn rain on insurers’ parade

11 February 2008

Rising claims and falling investment returns have taken a chunk out of the insurance industry's profitability, the Australian Prudential Regulatory Authority's half-yearly report reveals…

Disclosure: red tape for the chop?

11 February 2008

The Federal Government has set up a working group to review financial services advice and disclosure, aiming to cut red tape in the sector…

Charge against HIH Chairman dropped

11 February 2008

The Commonwealth Director of Public Prosecutions has decided not to proceed further with one of two charges brought against former HIH Chairman Geoffrey Cohen…

Bowen and Sherry to share insurance

04 February 2008

The Federal Government has confirmed Treasury junior ministers Chris Bowen and Nick Sherry will share responsibility for the insurance industry…

Sting in the DOFI tail

04 February 2008

The Australian Prudential Regulation Authority's draft prudential changes to reinsurance and investment capital regulations may cost insurers up to $2 billion…

ICA lobbies to axe tax on insurance

04 February 2008

The Insurance Council of Australia has wasted little time lobbying the new ALP Federal Government to abolish insurance taxes, tabling a Budget submission last month…

Compo schemes under review

04 February 2008

The Federal Government has suspended private companies from entering Comcare, the federal workers' compensation vehicle set up in 1988 for Commonwealth public servants…

FICS limits too low: ASIC

04 December 2007

New monetary limits for the Financial Industry Complaints Service must be raised in line with other external dispute schemes…

APRA updates life insurance standards

04 December 2007

New prudential standards for the life insurance industry will not impose any additional cost on insurers, according to the Australian Prudential Regulation Authority…

ASIC moots director liability shift

04 December 2007

Director liability will come under scrutiny by the corporate regulator amid mounting concerns of a brain drain in corporate Australia…

Burroughs ban stands

27 November 2007

Former FAI Group Reinsurance Manager Stephen Burroughs has failed in his attempt to overturn a banning order preventing him from holding a senior position at a general insurer…