WA doubles builders warranty caps as risks rise
24 October 2022
The WA Government will double the maximum payouts under its home indemnity insurance program in a reflection of rising values and the need to enhance consumer protections...
Regulatory & Government
WA Insurance Commission announces board changes
24 October 2022
WA Premier and Treasurer Mark McGowan has announced three new appointments to key positions on the state’s Insurance Commission board...
ASIC 'very carefully' watching pricing practices as remediation tops $760 million
17 October 2022
The corporate regulator says it continues to keep a close watch on the industry’s pricing practices as customer remediation over failures to deliver promised premium discounts reaches $760 million...
NZ regulator takes Vero to court over premium discount failures
17 October 2022
The Financial Markets Authority says it has commenced legal proceedings in the Auckland High Court against Vero New Zealand over alleged multi-policy discount failures, resulting in the overcharging of $NZ8.7 million in premiums...
APRA takes enforcement action against RACQ over risk governance weaknesses
17 October 2022
The prudential regulator has ordered RACQ to develop a program to improve its risk governance as part of enforcement action taken against the Queensland-based member-owned motoring club...
Insurance challenges becoming 'quite acute', APRA says
17 October 2022
Pressures on the industry are getting “quite acute” particularly around premium affordability and insurance availability, according to Australian Prudential Regulation Authority Chairman Wayne Byres...
Queensland post-flood buy-backs begin
17 October 2022
The Queensland Government says 34 flood-impacted homeowners in Ipswich and Brisbane have accepted offers to buy back their home following catastrophic floods earlier this year...
Suncorp commends Wivenhoe Dam decision
17 October 2022
Suncorp has welcomed the Queensland Government’s decision to lower the supply of the Wivenhoe Dam, describing it as “a key step” towards mitigating flood risk in southeast Queensland...
ACCC warns funeral services providers over pricing as Youpla benefit scheme starts
17 October 2022
Funeral services providers have been warned against raising prices to take advantage of a federally funded program for beneficiaries of Indigenous policyholders affected by the collapse of Youpla Group...
SA worker pleads guilty to dishonestly receiving compensation
17 October 2022
A security guard who worked as a farmhand while claiming injury compensation has pleaded guilty to 12 charges relating to making dishonest claims, receiving payments and declaring false statements...
System failing workers with psychological injuries, inquiry told
10 October 2022
The Australian Lawyers Alliance has told a NSW Parliamentary committee inquiry that the state workers’ compensation scheme is failing people with psychological injuries...
SIRA announces partnership to aid psychologically impaired workers
10 October 2022
NSW’s State Insurance Regulatory Authority will collaborate with the Australian Rehabilitation Providers Association to help people with psychological injuries return to work...
Psychological claims in focus as icare names six service providers
10 October 2022
NSW workers’ compensation insurer icare has elevated its focus on psychological injuries under a reset involving the appointment of an expanded panel of six claims and injury management service providers...
Victoria workplace mental health claims set to rise
10 October 2022
Workplace mental health claims in Victoria are projected to worsen further, doubling at current rates to make up a third of all WorkSafe claims by the end of the decade, the state’s workplace health and safety regulator said today to mark World Mental Health Day...
APRA facilitating action to protect Optus customers
10 October 2022
The Australian Prudential Regulation Authority says it is working with the Federal Government, and peer regulators on a regulatory change aimed at protecting financial services customers affected by the Optus data breach...
RBNZ releases interim solvency standard
10 October 2022
The Reserve Bank of New Zealand has released its insurance interim solvency standard, which takes account of upcoming changes to accounting rules...
ARPC releases revised cyclone pool premium rates
03 October 2022
The Australian Reinsurance Pool Corporation has released revised premium rates for the cyclone pool after completing a consultation on initial levels that highlighted concerns in WA and with some strata buildings...
NZ fire services funding bill maintains insurance levy
03 October 2022
New Zealand has called for submissions on proposed legislation introduced into Parliament that maintains an insurance-based levy to fund fire and emergency services while making changes to improve its operation...
ALRC outlines plans for proposed financial laws overhaul
03 October 2022
The Australian Law Reform Commission has put forward proposals to reorganise and clean-up financial services laws, with the current system likened to a poorly built house...
ASIC puts onus on financial firms over remediations
03 October 2022
The Australian Securities and Investments Commission says it’s putting the onus on financial firms to improve their performance in delivering fair and timely remediations in cases where money is owed to wronged consumers...