'Much improvement needed': NZ's FMA unhappy with conduct reviews
26 July 2021
New Zealand’s Financial Markets Authority will write to 40 insurers after they lodged “poor” reviews of their own conduct in dealings with consumers...
Regulatory & Government
Industry 'struggling' with regulatory reforms
26 July 2021
Many in the insurance industry are “struggling” to implement the raft of regulatory reforms made by the Hayne royal commission in its final report submitted in 2019 to the government, according to Xceedance...
ASIC poses questions on hawking reforms
26 July 2021
The Australian Securities and Investments Commission has posed 12 questions for feedback in a consultation paper released with draft regulation guidance for new hawking reforms...
Treasury releases draft add-on regulations
26 July 2021
Treasury has released add-on reform draft regulations for feedback after the Federal Government this month announced a number of insurance product classes that would not fall under the regime...
RBNZ consults on interim insurance solvency standard
26 July 2021
Insurers are “strongly encouraged” to engage with the Reserve Bank of New Zealand (RBNZ) as it invites views on an interim Solvency Standard designed to determine minimum amounts of capital cover providers must hold...
Insurers' BI virus problems spark APRA response
19 July 2021
The Australian Prudential Regulation Authority will require a number of insurers to review their risk management frameworks following “deficiencies” that led to the use of outdated business interruption policy wordings...
Accountability, compensation scheme draft laws released
19 July 2021
The Federal Government plans to introduce wider ranging conduct laws for financial firm executives into the spring session of Parliament, along with legislation to set up a last resort disputes settlement compensation scheme...
Cyber consultation paper flags mandatory compliance standard
19 July 2021
The Department of Home Affairs has released a cyber security paper for consultation, seeking feedback on a range of proposed options to strengthen the economy’s defence against ransomware and other digital threats...
NZ Commerce Commission reviews Aon-WTW divestments
19 July 2021
New Zealand’s Commerce Commission is assessing whether undertakings by Aon and Willis Towers Watson resolve its preliminary competition concerns over a planned merger of the brokerages...
ASIC amends statement on brokerage freezing orders
19 July 2021
The Australian Securities and Investments Commission has reissued a media release on urgent interim orders obtained in the Federal Court against Alliance Insurance Broking Services and its sole director Renato De Maria...
Australian states to timeshare firefighting Bombardier
19 July 2021
Victoria and Queensland have agreed to share a large air tanker to bolster aerial firefighting capacity, extracting optimum value and ensuring the aircraft is available where it is needed most...
Consumer groups say add-on 'loopholes' undermine Hayne reforms
12 July 2021
The granting of exemptions to several classes of insurance products from a new deferred sales model for add-on insurance has been criticised by consumer groups as not in the spirit of recommended industry reform...
Complexity, advice issues targeted in law reform feedback
12 July 2021
Feedback to a financial services law reform inquiry has backed simplification of the legal framework and drawn attention to specific problems such as the failure of distinctions between general and personal advice...
Insurers back NSW building-rating tool
12 July 2021
The NSW Government’s plan to develop a risk-rating tool for new residential buildings has been welcomed by the insurance industry...
First ARPC customer survey shows strong support
12 July 2021
The Australian Reinsurance Pool Corporation’s first customer survey has found insurers believe it is an effective provider of terrorism cover and easy to deal with...
SIRA releases CTP scheme review discussion paper
12 July 2021
The NSW State Insurance Regulatory Authority is seeking feedback from injured people, organisations and the public on its planned review of the state’s compulsory third party scheme...
NSW sets up online hub to smooth disaster support
12 July 2021
The NSW Government has set up an online hub that includes information from more than 17 state and federal agencies to help communities recovering from bushfires, floods and other natural disasters...
National comparison website 'would fail'
05 July 2021
The Australian Competition and Consumer Commission’s recommendation for a national home insurance comparison website won’t do anything to assist the affordability issue in northern Australia...
Cyber back on ARPC's agenda in triennial review
05 July 2021
The Federal Government will re-examine whether terrorism cover provided by the Australian Reinsurance Pool Corporation should include property damage from cyber attacks after a previous review determined it is not required...
Travel insurance complaints fall 22% as Australians stay home
05 July 2021
Complaints relating to travel insurance fell 22% in the year to June as international and state border rules limited movement and Australians stayed at home instead of holidaying or conducting business trips...