Deteriorating WorkSafe performance creates 'emerging financial risk' for Victoria
29 November 2021
A Victorian Auditor General’s report has flagged concerns with the performance of the state’s workers’ compensation scheme...
Regulatory & Government
APRA finalises climate risk guidance
29 November 2021
The Australian Prudential Regulation Authority has finalised its practice guide on climate change in response to requests from the financial services industry for greater clarity on regulatory expectations and examples of best industry practice...
ASIC under microscope as FRAA begins review
29 November 2021
The Financial Regulator Assessment Authority will examine the corporate watchdog’s effectiveness and capability as part of a “targeted assessment”, with a report on its findings to be provided to the Federal Government by the end of July next year...
Labourer who took workers' comp while working ordered to return almost $60,000
29 November 2021
A labourer who knowingly received workers’ compensation payments while working has been ordered to return $58,121 to WorkSafe Victoria and complete 250 hours of community service...
ARPC researches evolving meaning of terrorism
29 November 2021
The Australian Reinsurance Pool Corporation has started a research study with the University of Queensland Business School on the evolving experience and meaning of terrorism...
Claim handling set to be hot topic for AFCA this year
22 November 2021
The Australian Financial Complaints Authority expects claim handling disputes are likely to be one of the top general insurance issues for this financial year as COVID-related impacts add to potential challenges...
ICA 'strongly endorses' Tasmania levy removal
22 November 2021
Tasmania should move away from funding fire services through a levy on premiums and adopt a model similar to most mainland states, the Insurance Council of Australia says in a submission to a review...
ASIC consults on consumer remediation draft guide
22 November 2021
The corporate regulator is inviting feedback on draft guidance aimed at faster remediation of consumers in insurance and banking...
NSW workers’ comp COVID bill sent for review
22 November 2021
A NSW Parliamentary committee will review a proposed workers’ compensation change that would repeal a presumption that employees in essential areas such as healthcare caught COVID-19 while at work...
NZ regulator sets out climate disclosure implementation approach
22 November 2021
New Zealand’s Financial Markets Authority has outlined how it intends to enforce and monitor mandatory disclosures of climate-related risks...
NSW plans to repeal workers' comp COVID reform
15 November 2021
The NSW Government plans to repeal workers’ compensation changes made last year that provided essential workers with a presumed COVID-19 right amid concerns a flood of claims could cost hundreds of millions of dollars over the year ahead and drive premiums higher...
ASIC releases final cost recovery levy estimates
15 November 2021
The Australian Securities and Investments Commission has estimated it will collect about $24.702 million in levies from the general and life insurance sector for supervisory work carried out in the last financial year...
Victoria establishes event interruption insurance scheme
15 November 2021
The Victorian Government has set up an event interruption insurance scheme as part of efforts to revive the state’s pandemic-hit live music and festival scene...
ASIC seeks feedback on remaking PDS requirements class order
15 November 2021
The Australian Securities and Investments Commission today released a consultation paper proposing to remake its class order relating to product disclosure statement requirements where a quote for a general insurance product is given...
Add-on report flags concern over non-compliance, consumer harm
15 November 2021
New Zealand’s Commerce Commission says the way add-on cover is sold alongside motor vehicles has created the “potential” for non-compliance and poor consumer outcomes...
Queensland resilience funding applications open
15 November 2021
The Queensland Government says expressions of interest have opened for a $10 million natural disasters mitigation program, announced in the state budget, that aims to lower the cost of insurance in the north...
Regulator pledges to 'green' financial system
08 November 2021
The Australian Prudential Regulation Authority has outlined action underway to ensure insurers and the Australian financial system is ready to respond to economic risks posed by climate change...
NSW CTP regulator aims to claw back 'excess insurer profit'
08 November 2021
The NSW State Insurance Regulatory Authority says it will recover $91 million in excess profit from compulsory third party insurers...
Queensland boosts rising sea level defence funding
08 November 2021
The Queensland Government says an additional $3 million will be provided to expand a program to defend the state’s communities from climate change, sea level rises, storm tides and coastal erosion...
Victoria ready for fire season after pre-burning 135,000 hectares
08 November 2021
The Victorian Government says it has prepared for the summer bushfire season by investing a record $517 million, recruiting 600 seasonal firefighters and undertaking year-round planned burning...