Chris Black appointed Earthquake Commission Chairman
26 April 2022
Chris Black, who recently retired as CEO of New Zealand rural insurer Farmers’ Mutual Group, has been appointed chairman of the Earthquake Commission...
Regulatory & Government
Federal backflip ensures Queensland flood package funding
11 April 2022
The Federal Government has agreed to co-fund a Queensland $771 million flood recovery package after coming under fire for previously declining a request to share the expense...
APRA consults further on new accounting standard AASB 17
11 April 2022
The prudential regulator is conducting another round of insurance industry consultation in preparation for the commencement of a new accounting rule, the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17), on January 1 next year...
ACT offers CTP refund to cushion living cost pressures
11 April 2022
The ACT Government will refund compulsory third party insurance premiums to motorists as part of efforts to alleviate living cost pressures...
WA Government accepts most bushfire review recommendations
11 April 2022
An independent review into the Wooroloo bushfire in WA last year has made 13 recommendations including continuing with efforts to enhance current risk management initiatives and improve community education...
ASIC warns of tougher penalties after Westpac action
11 April 2022
The Australian Securities and Investments Commission says companies mis-selling insurance could face higher penalties in future, after Westpac was ordered by the Federal Court to pay $1.5 million over the sale of add-on products to consumers who had not agreed to buy the policies...
Emergency Response Fund tapped for flood resilience
04 April 2022
The Federal Budget has boosted resilience funding, while focusing mainly on disaster recovery and support following the Queensland and NSW flooding catastrophe, as insurers continue to push for increased mitigation spending...
Cyclone reinsurance pool passes Senate after flood debate
04 April 2022
The Federal Government cyclone reinsurance pool is on track to start from July after the Senate last week passed the legislation, while rejecting an amendment to immediately extend its cover to all flooding...
ASIC details last IDR reporting rules
04 April 2022
The Australian Securities and Investments Commission says its new internal dispute resolution reporting requirements will start with a group of 11 large financial firms that will, for the first time, have to report this data to the regulator by the end of February...
Parliament road safety review flags CTP reforms
04 April 2022
A Federal Parliament committee inquiry into road safety has proposed that Australia consider reforming compulsory third party insurance as part of measures to reduce vehicle accidents...
Risk 'shifting sands' add to complexities: ALRC
04 April 2022
The “shifting sands” of regulatory approaches have resulted in financial services legislation that is unwieldy and extraordinarily complex, the Australian Law Reform Commission says in a background paper...
New APRA insurance executive director starts
04 April 2022
The Australian Prudential Regulation Authority has appointed Sean Carmody as Executive Director, Insurance, who starts today in his new role...
ICA calls for collaboration on 'cyber issues'
28 March 2022
The Insurance Council of Australia says action is needed to create a “viable and sustainable” cyber insurance market...
Senate committee 'satisfied' cyclone pool to deliver results
28 March 2022
A Senate committee review of the cyclone and related flooding reinsurance pool bill says it is satisfied the scheme will deliver improved insurance access and affordability in targeted regions, while future reviews will provide the opportunity to make improvements...
Issues paper released for remuneration review
28 March 2022
An issues paper seeking feedback on the conflicted remuneration exemption for general insurance and other issues has been released by Treasury as the Quality of Advice review gets underway...
Plan to simplify retail client definition sparks concern
28 March 2022
A proposal to simplify the retail client definition as part of changes to remove financial services regulation complexity could backfire when it comes to general insurance, an industry submission to the Australian Law Reform Commission says...
AFCA no longer able to work on Youpla fund complaints
28 March 2022
The Australian Financial Complaints Authority says it can no longer work on complaints about any of the Aboriginal Community Benefit Funds that are now in liquidation and have ceased operating...
Frydenberg 'open' to further insurance action: report
21 March 2022
Federal Treasurer Josh Frydenberg is open to further action to address insurance affordability and availability, following the introduction of the cyclone reinsurance pool, The Guardian has reported...
Queensland offers buybacks in $741 million package
21 March 2022
The Queensland Government will provide funding for house raising, retrofitting and voluntary buybacks of properties at risk from future floods as part of a $741 million resilience funding package...
Federal Government draws on Emergency Response Fund
21 March 2022
The Federal Government says it will draw down on the Emergency Response Fund to inject an additional $150 million into flood-affected communities in NSW and Queensland...