APRA 'increases transparency' around insurance data
23 August 2021
The Australian Prudential Regulation Authority will implement its proposal to determine general insurance class of business data submitted from the industry as non-confidential...
Regulatory & Government
AV self-certification 'not strict enough': IAG
23 August 2021
A self-certification of autonomous vehicles process backed by the National Transport Commission is not rigorous enough to prevent serious safety breaches and, if introduced, must be compensated for in subsequent regulatory stages, IAG warns...
WA invites submissions to Wooroloo bushfire inquiry
23 August 2021
The WA Government is inviting submissions to an independent review into February’s devastating Wooroloo bushfire which destroyed 86 homes and burned more than 10,000 hectares...
ICA lists concerns on proposed accountability regime
23 August 2021
The Insurance Council of Australia (ICA) is concerned about “key aspects” of the proposed Financial Accountability Regime (FAR) that will impact on the successful implementation of the reforms, the peak body says in a submission to Treasury...
ASIC enforcement to take account of 'best efforts'
16 August 2021
The Australian Securities and Investments Commission says it will take account of compliance “best efforts” when enforcing a suite of reforms including design and distribution obligations that take effect in October amid ongoing COVID-19 disruptions...
Stock market disclosure reforms made permanent
16 August 2021
Federal Parliament has passed legislation that will make temporary changes to stock exchange continuous disclosure rules permanent, reducing the risk of opportunistic class actions...
Feedback sparks late DDO amendments
16 August 2021
The Federal Government will make some last-minute amendments to design and distribution obligations, due to come into effect in October, after potential unintended consequences and issues were pointed out as financial services firms prepared for the new laws...
NIBA’s Booth appointed to reinsurance pool panel
16 August 2021
National Insurance Brokers Association CEO Dallas Booth has been appointed to an expert panel advising a Treasury taskforce on the planned northern Australia cyclone reinsurance pool...
WA modernising 'archaic' workers' comp laws
16 August 2021
The WA Government has released a draft bill to replace “archaic” state worker’s compensation laws that date back 40 years...
Insurers offer COVID vaccine rollout assistance
09 August 2021
Some of Australia’s largest insurers are keen to set up workplace vaccine programs as the nation races to get jabs in arms to reduce reliance on lockdowns to control the spread of COVID-19...
APRA stress test assessment finds room for improvement
09 August 2021
The prudential regulator has called on the general insurance industry to improve its internal stress testing capabilities, following an assessment last year to identify ways insurers can enhance their capital management practices and improve adversity resilience...
ARPC 'best placed' to oversee cyber terror cover: NIBA submission
09 August 2021
The government-backed terrorism insurance scheme is “best placed” to provide property damage cover from cyber attacks launched by extremists, according to the National Insurance Brokers Association...
icare return-to-work rate holds steady at 83.7%
09 August 2021
NSW state insurer icare says the key 26-week return-to-work rate has held steady while its net promoter score has continued a rise that began last year...
NSW appoints flammable cladding removal overseer
09 August 2021
Building firm Hansen Yuncken has been appointed as managing contractor of NSW’s flammable cladding Project Remediate program, which is removing cladding from affected residential buildings in the state...
Insurers letting down 'team Australia', inquiry told
02 August 2021
Insurers and financial institutions that discriminate against industries such as coal mining are not supporting the national economy, business representative organisation Townsville Enterprise has told a Parliamentary Committee inquiry hearing...
No 'real basis' to further clarify duty of utmost good faith: ICA
02 August 2021
The Insurance Council of Australia says it does not see any “real basis” to clarify further the term “utmost good faith” as spelled out in the Insurance Contracts Act in a submission to the Attorney-General’s Department...
Add-on sales guidance released as start date looms
02 August 2021
The Australian Securities and Investments Commission has released its regulatory guide and customer information requirements for the new add-on insurance deferred sales model...
Canberra details disaster resilience projects
02 August 2021
The Federal Government has listed the five projects where it will be investing more than $4.2 million to reduce the risk and impact of natural disasters on Australian communities...
RBNZ to hold insurance solvency webinar
02 August 2021
The Reserve Bank of New Zealand will host a webinar on Thursday to discuss its interim Solvency Standard for insurers...
ASIC estimates industry funding levy at $24.7 million
26 July 2021
The Australian Securities and Investments Commission estimates about $24.702 million in total levy will be recovered from the general and life insurance industries to fund the cost of regulating the sectors in the last financial year...