Victoria spends $517 million to address bushfire threat
10 May 2021
The Victorian state government has allocated a record $517 million funding package aimed at reducing bushfire risk for what it says are “longer, hotter fire seasons to come”...
Regulatory & Government
Industry 'committed' to natural disaster royal commission recommendation
10 May 2021
The insurance industry is working on a response to a natural disaster royal commission recommendation on consumer guidance for recognised retrofitting and mitigation works that will help with premium reductions...
NSW seeks to drive natural hazard planning
10 May 2021
NSW has called for feedback on draft guidelines that aim to drive greater consideration of natural hazards in local council and state authority strategic planning...
Government accepts review’s icare reforms
03 May 2021
The NSW Government says 35 recommendations from the McDougall Review into state insurer icare will be immediately accepted while those requiring legislation will be responded to in due course...
NZ review backs insurance levy for fire services
03 May 2021
Fire and Emergency New Zealand should continue to be funded through an insurance-based levy as shifting to a property-based model would be costly, time-consuming and difficult to implement, the Department of Internal Affairs has said...
NSW examines injury cover for food delivery riders
03 May 2021
NSW is consulting on potential personal injury arrangements for food delivery riders injured or killed at work as recent fatalities have highlighted risks created due to rising use of services such as Uber Eats, Menulog and Deliveroo...
APRA pilots new risk culture survey at ten insurers
03 May 2021
The prudential regulator has selected ten general insurers to pilot a new risk culture survey ahead of a planned launch of the poll to around 60 financial services institutions across banking, insurance and superannuation from the second half of the year...
Don’t be caught unawares by climate-related regulatory changes: APRA
03 May 2021
Insurers and other financial institutions must not be “caught unawares” by government policy changes in response to a warming climate, Australian Prudential Regulation Authority Chairman Wayne Byres warns...
New chairman appointed at ASIC
03 May 2021
Joseph Longo has been appointed Chairman at the Australian Securities and Investments Commission while Sarah Court takes the role of Deputy Chair...
RBNZ provides detailed cyber procedure guide
03 May 2021
The Reserve Bank of New Zealand has outlined cyber resilience guidelines targeted at raising awareness amongst boards and senior management in financial services...
ACCC delays date to release Aon-WTW merger findings
26 April 2021
The competition watchdog has dropped May 27 as the date to announce the outcome of its findings looking at how the proposed Aon-Willis Towers Watson merger may affect commercial insurance broking in Australia...
Broad claims handling carve-out achieved for brokers: NIBA
26 April 2021
Brokers who provide claims handling and settling services on behalf of insurers need to be licensed to do so under new laws passed in December, the National Insurance Brokers Association says, but other brokers will not be “caught” by the new regime...
Insurers to work with ASIC on ‘enduring’ hardship support
26 April 2021
Insurers plan to work with the corporate regulator to ensure that support of consumers who suffered financial hardship during the pandemic is rolled forward...
ASIC seeks feedback on breach reporting guidance
26 April 2021
The Australian Securities and Investments Commission is seeking feedback on breach reporting guidance as it prepares for the start of strengthened obligations...
Consumer groups seek higher AFCA compensation caps
26 April 2021
Consumer groups have called for the Australian Financial Complaints Authority compensation cap to be raised to equal the monetary ceiling on matters it can handle, while also proposing scrapping the non-financial compensation limit...
APRA releases draft climate change guidance
26 April 2021
The Australian Prudential Regulation Authority has released draft guidance on managing the risks of climate change following industry requests for greater clarity on expectations...
Agree building resilience code to help finesse premiums, ICA says
26 April 2021
Australia’s lack of any formal system for assessing a building’s resilience to natural disasters is making it difficult for insurers to set the most appropriate premiums, the Insurance Council of Australia says...
AFCA backs exploration of UK test case model
19 April 2021
The Australian Financial Complaints Authority has supported consideration of a UK-style legal test case model for issues with wide-ranging impacts, amid scrutiny over the insurance industry’s approach to business interruption matters...
ASIC says nine insurance litigation cases underway
19 April 2021
The corporate regulator says nine cases of enforcement litigation regarding misconduct in insurance were underway at the start of the year as part of its push to pursue more court action...
ALRC webinars focus on simpler regulation
19 April 2021
The Australian Law Reform Commission will host two webinars next month related to its work around simplifying corporate and financial services regulation...