Another HIH-linked disqualification
17 May 2005
APRA has disqualified former HIH Reinsurance Manager Ray Gosling from being or acting as a director or senior manager of a general insurer…
Regulatory & Government
ASIC maintains transparency
17 May 2005
A new ASIC report gives some insight into how the financial services regulator applies its policies in practice…
ASIC bans insurance agent
17 May 2005
ASIC has permanently banned insurance agent Kalman Gradman, of the Melbourne suburb of Caulfield North, from providing financial services…
Industry welcomes APRA Stage 2 draft
10 May 2005
The Australian Prudential Regulation Authority has released a draft of its proposed stage 2 reforms for general insurance…
Actuaries in the limelight
10 May 2005
Actuaries are taking centre stage in the new APRA reporting arrangements, and the Institute of Actuaries of Australia has welcomed the increased role they will play…
ASIC offers relief on FSGs
10 May 2005
As part of the 25 proposed changes to the Financial Services Reform Act being pushed through the system by Parliamentary Secretary to the Treasurer Chris Pearce…
PI changes for brokers
03 May 2005
Regulations have been amended to extend the professional indemnity (PI) insurance requirements of the repealed Insurance Act while the Federal Government…
Broker investigation due, but no news yet
03 May 2005
The results of ASIC’s investigation into the remuneration payments and other financial arrangements between brokers and insurers were due last week, but the regulator…
Legal profession optimistic about ASIC investigation
27 April 2005
They might be baying for blood in New York over insurance industry activities, but the Australian industry has nothing to fear from the investigation being conducted by ASIC…
Spare Cassidy, he’s been helpful: lawyer
27 April 2005
Former HIH director Terry Cassidy shouldn’t be sent to jail when he is sentenced on Friday because he has provided useful information to ASIC about the collapse, his lawyer says…
New prudential standards on business continuity management
27 April 2005
The Australian Prudential Regulation Authority has issued prudential standards on business continuity management for authorised deposit-taking institutions…
Sentences send a warning, says Costello
19 April 2005
Rodney Adler’s and Ray Williams’ sentences for their part in the HIH collapse have prompted Federal Treasurer Peter Costello to warn anyone attempting to breach corporate laws…
APRA pursues General Re
19 April 2005
The Australian Prudential Regulation Authority is investigating transactions related to the collapse of HIH that were arranged with the Australian operations of General Re…
Sturesteps disqualified
19 April 2005
George Osvald Sturesteps, former right-hand man to HIH founder Ray Williams, has become the 20th person disqualified by APRA in relation to the HIH collapse…
Adelaide agent gets suspended sentence
19 April 2005
Former Adelaide insurance agent Dominic Romeo has been given a nine-month suspended jail sentence and a good behaviour bond of 18 months for charges…
Zurich in talks with regulators, but not re-issuing accounts
12 April 2005
It’s been a tough week for Zurich Australia, which has come under scrutiny – some of it wrong – from local business media. To set the record straight…
Financial intermediary definition invites opposition
12 April 2005
New Zealand is determined not to get bogged down in financial services legislation as sticky as the FSRA, but a Government task force investigating regulatory possibilities…
Buffett unwinds reinsurance deal
05 April 2005
Just two weeks after the Australian Prudential Regulation Authority asked US-based reinsurer General Re to show why it shouldn’t be investigated over its dealings in Australia…
Another HIH executive banned
05 April 2005
If you’ve ever wondered what the APRA terms “banned”, “disqualified” and “permanently banned” actually mean, wonder no more…
Unlicensed SA agent pleads guilty
05 April 2005
Former Adelaide-based insurance agent Dominic Romeo has pleaded guilty in the Adelaide Magistrates Court to charges arising from an ASIC investigation…