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Regulatory & Government

A bad year for NZ’s compo system

25 September 2001

New Zealand’s Accident Compensation Corporation, nationalised last year after less than a year in private sector hands, has lost $313 million from premiums of $1.9 billion…

Whitlam faces ASIC charges

11 September 2001

ASIC has commenced civil proceedings against former NRMA Insurance CEO Nicholas Whitlam, alleging he breached his duties as a director when he was chairman of the company…

Former broker gets three years

11 September 2001

John Andrew Hurlock, a former director of Queensland company Trojan Insurance Brokers, was sentenced last week to three years jail after pleading guilty to 12 charges…

Broker agrees to undertaking

11 September 2001

ASIC has accepted an enforceable undertaking from Melbourne company Insurance Brokers Limited to comply with the Insurance (Agents & Brokers) Act by paying premiums to insurers…

Hockey onto super

28 August 2001

APRA is the news again, this time because Financial Services and Regulation Minister Joe Hockey is offering them the opportunity to present a “wish list” of what they…

Hockey may make October 1 deadline

21 August 2001

Not only is Joe Hockey likely to get the FSRB – soon to be known as the Financial Services Reform Act – through Parliament on schedule, he is also likely to meet his own…

“Broker” agrees to contact customers

21 August 2001

A Melbourne man who allegedly practised as a broker when he was not licensed has been ordered to write to each of his customers and direct them to contact…

APRA chief returns the fire

07 August 2001

APRA chief Graeme Thompson finally got his chance to fire back last week at the Investment and Financial Services Association conference in Brisbane…

Authority on the defensive

31 July 2001

The insurance regulators in Australia and the UK have been under the gun recently following various collapses…

NIBA asks for some FSRB clarification

24 July 2001

What exactly are “principals” and “representatives” as ASIC sees them? Since the regulator issued its two sets of policy proposal papers over the FSRB in May and June…

ATO & APRA introduce Super penalties

24 July 2001

Individual employers and companies face penalties of up to $54,000 if they fail to promptly send employees’ funds to the nominated super account…