Industry has second highest self-reported breaches: ASIC
31 October 2022
General insurance has the second highest number of self-reported breaches after credit activity, according to the Australian Securities and Investments Commission...
Regulatory & Government
BI wording fallout: industry's risk governance lapses stoke APRA concerns
31 October 2022
The Australian Prudential Regulation Authority has voiced concerns over the industry’s risk governance process after a review of 10 insurers revealed varying weaknesses such as lack of accountability, ad hoc and poorly coordinated risk control measures and inadequate attention paid to strong control effectiveness testing...
NSW considering mandatory decennial liability cover for high-rises
31 October 2022
The NSW Government has taken initial steps that may lead to the development of a decennial liability insurance market in Australia...
Newly appointed APRA Chair commences role
31 October 2022
New Australian Prudential Regulation Authority Chair John Lonsdale starts his role today, succeeding Wayne Byres who stepped down after eight years at the helm...
Senate legislation committee backs FAR, last resort compensation scheme
31 October 2022
Proposed legislation for the Financial Accountability Regime aimed at raising senior executive answerability in the insurance, banking and superannuation sectors should be passed, the Senate Economics Legislation Committee said in a report after examining the bills...
NSW extends strata remediation project
31 October 2022
The NSW Government has reminded eligible apartment building owners to register for “Project Remediate” as it extends openings...
'Be proactive': AFCA wants insurers to communicate better with claimants
24 October 2022
The Australian Financial Complaints Authority says it expects general insurers to do better following “significant” increases in disputes in the last financial year...
ASIC final statement sets out cost recovery levies
24 October 2022
The Australian Securities and Investments Commission has released final estimates on the amount it expects to collect in levies from the financial services sector to fund regulatory work carried out in the last financial year...
Outcomes worst for combined physical, psychological injuries
24 October 2022
NSW State Insurance Regulatory Authority CEO Adam Dent has called on insurers to improve support for workers with a psychological injury as evidence shows they experience worse outcomes...
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...
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...