ASIC expands emergency payout system
25 November 2024
The Australian Securities and Investments Commission has extended an arrangement that helps insurers quickly pay consumers small cash sums in emergency situations...
Regulatory & Government
APRA reinsurance reform impacts ‘unclear’
25 November 2024
Proposed prudential changes that would encourage the industry to explore alternative reinsurance options such as catastrophe bonds come with trade-offs, according to Fitch Ratings...
Labor calls for pre-budget submissions
25 November 2024
The federal government has invited submissions from individuals, community groups and businesses on ideas and priorities for the next budget...
State publishes strata guide for residents
18 November 2024
NSW has released a strata living guide for residents that includes details of law changes taking effect in February to strengthen disclosure obligations...
ICA warns AI reforms ‘disjointed, hazardous’
18 November 2024
A disjointed regulatory approach to the use of artificial intelligence and automated decision-making could create conflicting requirements, increased compliance burdens and further uncertainty, the Insurance Council of Australia has warned...
Licence scheme, tough fines to ‘smoke out’ tobacco criminals
18 November 2024
Victoria is cracking down on illicit tobacco sales and organised crime, launching a strict business licensing scheme and “massive consequences” for breaking the law...
Industry braced for climate impact on business: APRA
18 November 2024
More than 90% of general insurers and reinsurers expect climate change to affect their underwriting, according to an Australian Prudential Regulation Authority survey...
NZ insurer cops warning over solvency margin
18 November 2024
The Reserve Bank of New Zealand has warned Quest Insurance over failures to comply with prudential rules including maintaining a minimum solvency margin for non-life business...
New legislation ‘tidies mishmash’ of NZ insurance laws
18 November 2024
New Zealand has passed laws designed to provide better consumer protections, such as requiring insurers to ask the “right questions” and write policies in plain English...
Watchdog eyes easing of reinsurance requirements
11 November 2024
The Australian Prudential Regulation Authority is canvassing the industry over changes to its reinsurance framework, as it looks for ways to improve premium affordability...
NSW introduces lithium battery information standard
11 November 2024
NSW Fair Trading will introduce an information standard for lithium-ion battery-powered “e-micromobility” products such as e-scooters, e-bikes, e-skateboards, self-balancing hoverboards and associated chargers...
Regulator runs rule over workplace rehab providers
11 November 2024
NSW’s State Insurance Regulatory Authority is evaluating workplace rehabilitation providers used under the workers’ compensation scheme...
Fire-hit towns receive disaster funding
11 November 2024
Two remote south Queensland towns hit by bushfires last week have been offered disaster assistance...
ASIC to look at renewal comparisons amid media scrutiny
04 November 2024
The Australian Securities and Investments Commission will examine the way year-earlier comparison premiums are disclosed in renewal notices...
Insurer cops $10 million capital measure over outsourcing issues
04 November 2024
The prudential watchdog has increased Pacific International Insurance’s capital requirement by $10 million because of “deficiencies” in its binder holder arrangements...
Lawyers renew call for crackdown on e-scooter cover
04 November 2024
Australian Lawyers Alliance NSW president Genevieve Henderson has urged the state government to require private e-scooter owners and councils to have appropriate insurance measures in place...
Industry ranks high for reported breaches
04 November 2024
The general insurance industry had the second-highest proportion of self-reported breaches to the Australian Securities and Investments Commission last financial year, accounting for 25% of the total...
Victoria closes work on 70% of cladding risk
04 November 2024
More than 1600 apartment blocks in Victoria had been identified for consideration under the state’s cladding rectification program by June 30, according to the agency overseeing the scheme...
HIA flags concern over builders’ warranty reform, rising premiums
28 October 2024
The Housing Industry Association says Victorian regulatory reform is welcome but action is still needed on rising builders’ warranty premiums...
Industry repeats stamp duty call after Queensland power shift
28 October 2024
The Insurance Council of Australia has called on new Queensland Premier David Crisafulli to act instantly on premium affordability in the state most exposed to extreme weather...