Dollar disclosure extended – again
27 March 2007
Insurers will be given more time to comply with new product disclosure requirements, extending the original period to three years…
Regulatory & Government
Former director charged
27 March 2007
ASIC has laid insurance fraud charges relating to more than $5 million against former EBS Holdings Director Timothy John McKenzie…
Watchdog gets more resources
27 March 2007
The Federal Government has boosted ASIC funding by $2.2 million…
Zurich in the clear
20 March 2007
The Australian Prudential Regulation Authority has handed Zurich Australian Insurance Limited its report on the reinsurance contract Zurich bought in September 2000…
ASIC releases guide to undertakings
20 March 2007
A new guide to enforceable undertakings has been prepared by the Australian Securities and Investments Commission to clear ambiguities over the breach remedy…
Broker gets $10,000 fine
20 March 2007
Victorian insurance broker Kalman Gradman, trading under the name Gradman Insurance, and later Icon Insurance Agencies, has been sentenced to 21 months’ jail, fully suspended…
Former Zurich executive disqualified
13 March 2007
APRA has disqualified a former senior Zurich Australia director as it continues to punish managers who were involved in financial reinsurance deals…
Labor attacked for plan to trim ASIC budget
06 March 2007
It must be an election year. The Federal Government is attacking the Labor Party for advocating a $130 million cut in the Australian Securities and Investments…
Insurance broker convicted
06 March 2007
A suburban Melbourne insurance broker has been sentenced in the Melbourne County Court to 12 months jail, suspended for two years, after pleading guilty to four charges…
Former Zurich CEO appeals disqualification
27 February 2007
Former Zurich Australia CEO John Butler could be forced out of the insurance industry after APRA found him responsible for two suspect reinsurance transactions in 2000…
The mystery of X and Y employed by Z is revealed
27 February 2007
Two senior foreign-based Hannover Re managers face disqualification from operating in Australia due to their involvement with the collapse of HIH Insurance…
APRA disqualifies former Zurich executive
20 February 2007
The Australian Prudential Regulation Authority has disqualified former Zurich Re Group Reinsurance Officer Robert Stevenson from being or acting as a director or senior manager…
Lawyers gear up for James Hardie trials
20 February 2007
The Australian Securities and Investments Commission has some big fish on its hook, but the real battle could be just beginning…
Draft Insurance Contracts Act reforms unveiled
13 February 2007
Parliamentary Secretary to the Treasurer Chris Pearce has released a draft reform package reflecting recommendations from the review of the Insurance Contracts Act…
ASIC bars Victorian broker
13 February 2007
ASIC has permanently barred Victorian insurance broker Robert Wilson from providing financial services…
APRA disqualifies actuary
13 February 2007
The Australian Prudential Regulation Authority has disqualified William Szuch from working as an appointed actuary after finding he failed to apply actuarial standards…
Twin regulators concede double burden
06 February 2007
Australia’s “twin peaks” financial regulation system has been criticised many times since its formation in 1998 for its possible duplication of effort…
ASIC freezes Westpoint-linked assets
06 February 2007
ASIC has obtained extension orders from the Federal Court in Perth to appoint receivers to the assets of several company directors and companies associated with the Westpoint group…
Former Zurich executive disqualified
30 January 2007
APRA has disqualified former Zurich Australia executive Florian Salzgeber from being or acting as a director or senior manager of a general insurer or authorised non-operating…
Broker banned
30 January 2007
Former responsible officer and director of NSW-based Lederman Insurance Brokers Marion Woodhouse has been permanently banned from providing financial services by ASIC…