AFCA names new insurance lead ombudsman
31 May 2021
Emma Curtis is to take the role of Lead Ombudsman, Insurance at the Australian Financial Complaints Authority, effective August 9...
Regulatory & Government
Federal Government to finalise class action response
31 May 2021
The Federal Government will finalise a response on litigation funding and class action reform proposals after completing further consultations this year...
NZ delays decision on Aon, WTW merger to July
31 May 2021
New Zealand’s Commerce Commission has extended a deadline for a decision on Aon’s merger with Willis Towers Watson until July 2...
NSW issues new flood-prone land planning rules
31 May 2021
The NSW Government will host two webinar sessions next month outlining new flood-prone land planning rules and guidelines which it says will promote “safety and certainty”...
Principles approach weighed in Corporations Act review
31 May 2021
The Australian Law Reform Commission is considering whether a more principles-based approach should be applied to financial services regulation in a bid to remove confusing complexity...
WorkSafe Victoria recovers $18,000 from worker who hid delivery income
31 May 2021
A Victorian man has been convicted of fraudulently receiving more than $18,000 in injury compensation payments and ordered to pay back the full amount to WorkSafe Victoria...
SIRA appoints new CEO
31 May 2021
The NSW State Insurance Regulatory Authority has appointed Adam Dent as its new CEO, starting July 5...
Government backing of locally-led recovery 'vital' for disaster resilience
31 May 2021
A virtual panel urges that disaster management for resilience be a core concern for leaders and says locally-led recovery from natural disasters, supported by state and federal governments, is key to improving hazard resilience within Australian communities...
Reinsurance pool feedback due mid-June
24 May 2021
A Federal Treasury-led taskforce examining the design of a northern Australia reinsurance pool has called for feedback by June 18 as it works toward having the program in place by the middle of next year...
Treasury proposes industry levy of $28.7 million
24 May 2021
About $28.7 million in total levies is set to be recovered from the general insurance industry to support the prudential supervision of the sector, according to a discussion paper from Treasury...
Financial law complexity 'affects us all', ALRC warns
24 May 2021
Financial services legislation and regulatory complexity is making it difficult for people to understand their legal obligations, the Australian Law Reform Commission has warned...
Victoria's insurance tax revenue forecast 'disappointing': ICA
24 May 2021
The Victorian Government predicts revenue from insurance taxes will increase by 7.2% to $1.6 billion in the next financial year...
NZ considers unemployment insurance scheme
24 May 2021
New Zealand is designing a social unemployment insurance scheme to enable workers who lose their job to retain about 80% of their income for a period of time...
Adviser's licence cancelled after failing to pay AFCA ruling
24 May 2021
ASIC has cancelled the Australian financial services licence of Robert Starky, a financial services provider based in Stanwell Tops, NSW, after he failed to pay as directed in a ruling by the Australian Financial Complaints Authority...
WA issues insurance guidance for property owners affected by Pindan administration
24 May 2021
The WA Government has advised property owners who may be affected by the closure of Pindan Group to immediately contact their home indemnity insurance provider, QBE Insurance...
FMA appoints Liam Mason general counsel
24 May 2021
New Zealand’s Financial Markets Authority promoted Liam Mason to general counsel, responsible for advising the FMA executive and board and leading the enforcement, policy and governance, corporate legal and investigations teams...
Budget backs reinsurance pool, mitigation
17 May 2021
The Federal Budget has allocated funding to support development of a reinsurance pool for Northern Australia as part of measures to improve cover affordability in the region and has included increased mitigation spending to boost natural disaster resilience...
Commissions 'not inherently conflicted': NIBA
17 May 2021
The National Insurance Brokers Association has reiterated that commissions should remain, ahead of a review next year into the remuneration model as recommended by the Hayne royal commission in its final report...
John Pollaers appointed AFCA Chairman
17 May 2021
John Pollaers has been appointed the next independent chairman of the Australian Financial Complaints Authority, replacing Helen Coonan as she completes her term as the inaugural chair...
RBNZ warns of overseas BI claims impact
17 May 2021
The Reserve Bank of New Zealand says local insurers could be affected by court rulings on business interruption claims in other jurisdictions, despite similar issues not having been raised in the country...