Allianz and subsidiary hit with $1.5 million penalty
13 September 2021
The Federal Court has ordered Allianz Australia and its subsidiary AWP to pay $1.5 million in penalties for mis-selling travel insurance policies through Expedia websites...
Regulatory & Government
ASIC enforcement work secures $29.6 million in civil penalties
13 September 2021
The corporate regulator has provided a half-year update of its enforcement work, including about $29.6 million in civil penalties imposed by the courts as a result of actions it has taken on compliance failures...
APRA's COVID response backed by insurers
13 September 2021
The Australian Prudential Regulation Authority’s 2021 Stakeholder Survey reveals measures brought in to address risks from COVID have been given the thumbs up by insurers and other regulated financial service entities...
SIRA and icare grant $9.6 million to injury research centre
13 September 2021
SIRA and icare have jointly granted $9.6 million over five years to the John Walsh Centre for Rehabilitation Research to help improve life for people living with injury-related disability...
New Zealand regulator appoints new CEO
13 September 2021
Samantha Barrass has been appointed CEO at New Zealand’s Financial Markets Authority, effective in January...
Members of ASIC, APRA oversight group appointed
13 September 2021
The Federal Government has appointed the inaugural members of the Financial Regulator Assessment Authority, which is tasked with reviewing and reporting on Australia’s twin watchdogs...
NIBA urges brokers to review APRA climate paper
06 September 2021
The National Insurance Brokers Association is urging insurance brokers to familiarise themselves with a paper outlining a new Climate Vulnerability Assessment underway at Australia’s largest five banks...
NIBA seeks NSW Finance Minister meeting over ESL issues
06 September 2021
The National Insurance Brokers Association has written to NSW Finance and Small Business Minister Damien Tudehope seeking a meeting over emergency services levy collection difficulties when placing risks with foreign insurers...
icare to start dust care payment remediation
06 September 2021
NSW state insurer icare is set to start remediation payments for dust disease care program participants that have been underpaid after receiving a consultants’ report on the proposed process...
Project Remediate cladding removal to start next year
06 September 2021
Flammable cladding will start to be removed from apartment blocks early next year under the NSW Government Project Remediate project after a triage process is completed...
New Zealand regulator seeks feedback on policyholder protection legislation
06 September 2021
The Reserve Bank of New Zealand has launched consultation on whether current legislation provides insurance policyholders with the protection they expect...
ASIC to remain 'active litigator against misconduct'
30 August 2021
Australian Securities and Investments Commission Chairman Joseph Longo says the regulator will remain an “active litigator against misconduct” to protect consumers from bad corporate behaviour and practices...
Possible cyber changes could worsen affordability: ICA
30 August 2021
Providing consumers with new pathways to sue for cyber breaches could increase claims costs and contribute to wider affordability issues, the Insurance Council of Australia has warned...
NSW panel to report on decennial building defects cover
30 August 2021
The NSW Government says a Ministerial Advisory Panel is expected to report back early next year on options around introducing decennial liability insurance to cover new apartment building defects for up to 10 years...
NIBA welcomes Tasmanian action on fire levy
30 August 2021
The National Insurance Brokers Association has welcomed a Tasmanian government consultation on fire and emergency services reforms that may end a levy on business insurance premiums...
NSW to legislate workers' comp review reforms
30 August 2021
The NSW Government says it will introduce legislation covering a further eight recommendations from the McDougall review into state-owned insurer icare and workers’ compensation regulation...
APRA targets insurance affordability, climate risks
30 August 2021
The Australian Prudential Regulation Authority intends to focus on insurance affordability challenges and climate risks facing the industry in the next few years...
APRA finalises remuneration standard
30 August 2021
The Australian Prudential Regulation Authority has released its response paper confirming the finalisation of CPS 511, a prudential standard that is designed to strengthen remuneration practices across the insurance, banking, and superannuation industries...
NZ gazette outlines lockdown exemptions for insurers
30 August 2021
New Zealand health authorities say licensed insurers and broking services can carry on operating in the current lockdown, subject to the conditions as set out in a government gazette...
UAC raises concerns over proposed compensation scheme
23 August 2021
The Underwriting Agencies Council says it has raised concerns about the proposed compensation scheme of last resort in a submission to Treasury...