Questions answered on Financial Claims Scheme
02 May 2022
The Australian Prudential Regulation Authority has released an updated set of frequently asked questions to provide information about the Financial Claims Scheme for general insurance...
Regulatory & Government
Insurance disputes lead NSW/Queensland floods complaints: AFCA
26 April 2022
The Australian Financial Complaints Authority says insurance makes up most of the disputes it has received to date in relation to the NSW/Queensland floods...
Northern Rivers reconstruction body to lead recovery
26 April 2022
Reconstruction of Lismore and northern NSW communities hit by flooding will be co-ordinated by a corporation that will formally come into effect from July, the State Government says...
Flood-hit states take action to ease tradie shortages
26 April 2022
Queensland is offering financial incentives to encourage tradies to travel to the state to carry out flood rebuilding work, while NSW is cutting licensing red tape to facilitate cross-border movement of skilled labour...
Federal Court finalises penalties in Westpac actions
26 April 2022
The Federal Court has penalised Westpac a total of $113 million after last week wrapping up six separate civil proceedings filed in November over issues related to general insurance and other financial services...
Limit determined for icare premiums, tender evaluations begin
26 April 2022
The NSW Government says it has issued a direction to state-owned insurer icare to limit the average premium rate increase for workers’ compensation to 2.9% to ensure predictability and stability for business...
Youpla fund complaints rise to more than 700
26 April 2022
The number of financial complaints lodged against four Aboriginal Community Benefit Fund companies, known as the Youpla group, has increased to more than 700...
Chris Black appointed Earthquake Commission Chairman
26 April 2022
Chris Black, who recently retired as CEO of New Zealand rural insurer Farmers’ Mutual Group, has been appointed chairman of the Earthquake Commission...
Federal backflip ensures Queensland flood package funding
11 April 2022
The Federal Government has agreed to co-fund a Queensland $771 million flood recovery package after coming under fire for previously declining a request to share the expense...
APRA consults further on new accounting standard AASB 17
11 April 2022
The prudential regulator is conducting another round of insurance industry consultation in preparation for the commencement of a new accounting rule, the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17), on January 1 next year...
ACT offers CTP refund to cushion living cost pressures
11 April 2022
The ACT Government will refund compulsory third party insurance premiums to motorists as part of efforts to alleviate living cost pressures...
WA Government accepts most bushfire review recommendations
11 April 2022
An independent review into the Wooroloo bushfire in WA last year has made 13 recommendations including continuing with efforts to enhance current risk management initiatives and improve community education...
ASIC warns of tougher penalties after Westpac action
11 April 2022
The Australian Securities and Investments Commission says companies mis-selling insurance could face higher penalties in future, after Westpac was ordered by the Federal Court to pay $1.5 million over the sale of add-on products to consumers who had not agreed to buy the policies...
Emergency Response Fund tapped for flood resilience
04 April 2022
The Federal Budget has boosted resilience funding, while focusing mainly on disaster recovery and support following the Queensland and NSW flooding catastrophe, as insurers continue to push for increased mitigation spending...
Cyclone reinsurance pool passes Senate after flood debate
04 April 2022
The Federal Government cyclone reinsurance pool is on track to start from July after the Senate last week passed the legislation, while rejecting an amendment to immediately extend its cover to all flooding...
ASIC details last IDR reporting rules
04 April 2022
The Australian Securities and Investments Commission says its new internal dispute resolution reporting requirements will start with a group of 11 large financial firms that will, for the first time, have to report this data to the regulator by the end of February...
Parliament road safety review flags CTP reforms
04 April 2022
A Federal Parliament committee inquiry into road safety has proposed that Australia consider reforming compulsory third party insurance as part of measures to reduce vehicle accidents...
Risk 'shifting sands' add to complexities: ALRC
04 April 2022
The “shifting sands” of regulatory approaches have resulted in financial services legislation that is unwieldy and extraordinarily complex, the Australian Law Reform Commission says in a background paper...
New APRA insurance executive director starts
04 April 2022
The Australian Prudential Regulation Authority has appointed Sean Carmody as Executive Director, Insurance, who starts today in his new role...
ICA calls for collaboration on 'cyber issues'
28 March 2022
The Insurance Council of Australia says action is needed to create a “viable and sustainable” cyber insurance market...