Agent’s fraud sentence suspended
26 October 2004
Victorian-based insurance agent John Burton-Clay has been given a 15-month jail sentence, suspended for two years, for theft and fraud totalling almost $531,000…
Regulatory & Government
Check that cover
26 October 2004
There’s been an absence of widespread floods over the past few years, and the lawsuits against insurers from the last lot of major floods have all pretty much been resolved…
Adler loses bid to defer prosecution
19 October 2004
Former FAI MD and HIH director Rodney Adler has had his appeal to a NSW Supreme Court decision thrown out by the state’s Court of Appeal…
Fraudster awaits sentence
19 October 2004
A former Victorian insurance intermediary has pleaded guilty to obtaining financial advantage by deception, theft and obtaining property by deception between…
Dollar disclosure deadline
12 October 2004
They wouldn’t do it for the Financial Services Reform Act, but the Australian Securities and Investments Commission has taken a much softer line…
ASIC creeps up on mavericks
12 October 2004
It’s seven months since the FSRA came into effect, and ASIC is entering the second stage of a campaign to get rid of unlicensed financial services companies…
Insurance agent barred
05 October 2004
ASIC has obtained final orders in the Federal Court against former insurance agent Domenic Romeo of Fullarton, South Australia…
AFS licensing kit updated
05 October 2004
The Australian Securities and Investments Commission has released Version 6 of eLicensing and the AFS Licensing Kit…
More choice on trust money for brokers
28 September 2004
The Australian Securities and Investments Commission is continuing to fine-tune the Financial Services Reform Act, announcing a new class order to allow…
ASIC queues up to probe James Hardie
28 September 2004
ASIC has begun investigations into the creation of a fund by James Hardie Industries to compensate victims of asbestos-related illness…
Avoiding conflict of interest
28 September 2004
New conflict of interest obligations have been released affecting AFS licensees…
APRA appoints new Executive GM
21 September 2004
The Australian Prudential Regulation Authority has announced the appointment of Wayne Byres to the role of Executive GM, Diversified Institutions Division…
APRA disqualifies HIH actuary
21 September 2004
Former HIH actuary David Slee has been disqualified by APRA from holding any appointment as an actuary of a general insurer under the Insurance Act 1973…
ASIC makes FSGs easier – sort of
21 September 2004
ASIC has provided more relief for brokers – and call centres – by releasing a new class order related to the information contained in a financial services guide given…
ASIC and WA team up on misconduct
21 September 2004
The Australian Securities and Investments Commission (ASIC) and the Western Australian Department of Consumer and Employment Protection have signed a memorandum of understanding…
Broker to face fraud trial
21 September 2004
Broker Peter John Mason, of the Brisbane suburb of Morningside, has been committed to stand trial over 31 counts of fraud involving premiums paid by clients of brokerage…
Former SA agent sentenced
14 September 2004
Former insurance agent Janice Lewinski has appeared in the Adelaide Magistrates Court on 10 charges relating to the receipt of clients’ insurance premiums…
Licensees pass compliance tests
07 September 2004
Australian financial services licensees may have their reservations about whether the Financial Services Reform Act is good or bad…
Lawyers warn insurers of legislation pitfalls
07 September 2004
Sections of Commonwealth legislation concerning proportionate liability can pose a threat to insurers, according to lawyers Allens Arthur Robinson…
APRA raises concerns for risk management
07 September 2004
The Australian Prudential Regulation Authority is concerned that cost-cutting, complacency and inexperience are compromising insurance companies’ risk management…