'Unfair': NSW budget ignores ESL
27 June 2022
The NSW budget missed the opportunity to tackle unfair insurance taxes and levies, the Insurance Council of Australia says...
Regulatory & Government
ICA endorses Queensland Government's flood relief fund
27 June 2022
The Insurance Council of Australia praised the Queensland Government’s budget commitments to address community resilience to extreme weather events...
SIRA imposes conditions on Racing NSW workers' comp licence
27 June 2022
NSW’s State Insurance Regulatory Authority has imposed special conditions on Racing NSW’s workers’ compensation insurance licence after performance issues were found...
New Queensland law bans 'insidious practice' of claim inducement
27 June 2022
Queensland has banned the “farming” of personal injury claims, with new laws prohibiting anyone soliciting another person to make a claim, paying for details of potential claimants, or receiving payment for a claim referral...
NSW Parliament floods inquiry seeks questionnaire input
27 June 2022
The NSW Parliament Select Committee inquiry into this year’s floods has invited community feedback through an online questionnaire that closes on Thursday...
icare liabilities rise, improvement plans move ahead
20 June 2022
Liabilities for the icare NSW workers’ compensation scheme increased in the second half of last calendar year compared to six months earlier as the insurer continues work on a performance improvement program amid headwinds...
NSW expands insurance regulatory body and injury compensation laws
20 June 2022
The NSW parliament has passed changes to existing motor accident and worker compensation laws to increase coverage for victims, and has strengthened the State Insurance Regulatory Authority’s jurisdiction...
Experts provide input on financial services rules
20 June 2022
The Australian Law Reform Commission has received input from international experts at a webinar as it works on a second interim report for a three-year review into the simplification and rationalisation of financial services regulation...
SA makes workers' comp changes after key court case
20 June 2022
The SA Government will lift the “seriously injured” threshold for workers’ compensation as part of a compromise on reforms required to prevent the state scheme falling into a financial black hole due to a landmark Supreme Court decision...
NIBA backs home warranty return in Tasmania
20 June 2022
A submission by the National Insurance Brokers Association to the Tasmanian Government’s Home Warranty Insurance consultation supports reintroduction of the scheme, alongside complementary reforms to reduce risk and ensure its long-term viability...
APRA releases draft standards to reflect cyclone pool role
20 June 2022
The Australian Prudential Regulation Authority has released six draft general insurer reporting standards that incorporate a change due to the introduction of the Federal Government-backed cyclone reinsurance pool...
NSW Government increases funds for bushfire preparedness
20 June 2022
The NSW Government will commit $315.2 million over the next four years to help fortify communities against bushfires...
ICNZ calls for enforcement of consumer protection laws
20 June 2022
The Insurance Council of New Zealand Te Kahui Inihua o Aotearoa says vigorous enforcement of laws and regulations is needed to protect consumers from purchasing unsuitable insurance products...
ASIC releases draft cost recovery levies for consultation
06 June 2022
The Australian Securities and Investments Commission has today released its draft Cost Recovery Implementation Statement for submissions...
Stephen Jones becomes Financial Services Minister
06 June 2022
Prime Minister Anthony Albanese’s new ministry has been sworn into office, with Stephen Jones becoming Assistant Treasurer and Financial Services Minister...
SIRA looks at icare processes for Metricon
06 June 2022
The State Insurance Regulatory Authority is looking at icare processes in relation to home building compensation cover and construction company Metricon...
AFCA launches new fee model
06 June 2022
The Australian Financial Complaints Authority’s new “user pays” fee structure kicks in on July 1...
ASIC urged to pursue action against Youpla officers
06 June 2022
A coalition of consumer groups has written to the Australian Securities and Investments Commission urging it to hold Youpla directors and other office holders accountable for financial harm caused to First Nations people who purchased worthless funeral plans...
RBNZ releases review version of interim solvency standard
06 June 2022
The Reserve Bank of New Zealand has published a review version of an insurance interim solvency standard and says it expects the finalised document will be released by the end of September...
Deadline nears for advice review submissions
30 May 2022
Submissions on a consultation paper released by the Quality of Advice review, which is looking at issues including broker commissions, are due by Friday...