ASIC clarifies some AFS aspects
11 June 2002
The following will be of interest to those studying the ins and outs of AFS licences…
Regulatory & Government
ACCC to deal with insurance crisis
04 June 2002
Insurers who thought they might be getting somewhere in the public liability PR stakes were brought to a halt by the decision to give the ACCC open access to the industry’s books…
Super fund case draws a triple response
28 May 2002
ASIC, APRA and the Australian Taxation Office have obtained permanent injunctions against Timothy Barritt, Kelvin Mills and Carolyn Mills, who traded under the business name “Super Release”…
QBE agrees to agree
21 May 2002
ASIC has forced QBE Insurance to honour travel insurance policies that cover the costs of Ansett tickets cancelled after the airline collapsed last year…
Extra ASIC funding welcomed
21 May 2002
The Federal Government has promised ASIC additional funding in the next four years…
APRA slams door on taxi clubs
21 May 2002
Eleven Victorian “taxi clubs” have been served notice by APRA for illegally offering local taxi owners and drivers comprehensive insurance for their taxis…
ASIC won’t license Melbourne brokerage
29 April 2002
Well-known Melbourne broker Jeffrey McNally last week found himself bound by Federal Court orders not to sell policies on behalf of unauthorised foreign insurer Atlantic & Pacific…
ACCC educates on what it knows best
29 April 2002
The Australian Competition and Consumer Commission will hold a conference in July 25-26 to check out regulatory trends…
Liability is a crisis, says Coonan
23 April 2002
Public liability is still the hottest issue on the politicians’ agenda right now, with Federal Assistant Treasurer Helen Coonan slapping down commentators who criticised…
APRA sets new standard for life insurers
23 April 2002
APRA has released a draft of its prudential standard prescribing minimum capital amounts for registered life insurance companies…
Unauthorised foreign insurer sparks warning
16 April 2002
Brokers have been warned by APRA about serious problems with unauthorised foreign insurer Atlantic & Pacific Insurance…
Guide shows way to a licence
16 April 2002
ASIC has released a guidance paper for holders of pre-FSR licences and insurance broker registrations that sets out the basic assessment processes…
ASIC pounces on super claims
16 April 2002
A misleading superannuation advertisement by SMC – a foreign company offering a range of financial products – has resulted in the company’s sole Australian agent…
Federal Government first aid revives ailing UMP
03 April 2002
The Federal Government has pledged its support to medical insurer United Medical Protection after exhaustive talks and some heavyweight medical lobbyists…
“Twin peaks” system will be examined
26 March 2002
The so-called “twin peaks” regulatory concept of APRA and ASIC may be altered by the recommendations that will flow from the HIH Royal Commission…
More FSRA changes? Absolutely!
26 March 2002
Now that March 11 is past and the FSRA is impacting on brokers’ lives, they shouldn’t expect that the rules won’t change…
ASIC stops R&G offer
26 March 2002
ASIC has placed a final stop order on Rural & General Insurance’s Offer Information Statement, which the insurer planned to use to raise $5 million by offering shares…
Regulator steps into flood claim court case
19 March 2002
ASIC has taken the unprecedented step of intervening in a court case between an insurer and a claimant over a protracted flood dispute…
Court restrains broker
19 March 2002
Unregistered broker Alejandro Bejares from Caulfield in Melbourne has been given final restraining orders from the Federal Court of Australia, stopping him from entering…
HIH prosecutions please ASIC’s top man
19 March 2002
ASIC Chairman David Knott has expressed satisfaction with the result of the NSW Supreme Court action that saw three former HIH directors found guilty of breaching…