icare seeks governance head in leadership revamp
22 February 2021
NSW state-owned icare is introducing a risk and governance executive position as part of a leadership revamp announced by CEO Richard Harding, who took up the top role last month...
Regulatory & Government
ACCC fears Aon-WTW merger may affect broking competition
22 February 2021
The proposed merger of Aon and Willis Towers Watson could lead to adverse outcomes including higher charges for businesses that need specialised risk service from brokers, according to the competition watchdog...
Treasury begins AFCA review after COVID delay
22 February 2021
Treasury has started a review of the Australian Financial Complaints Authority after the scheduled process was delayed last year due to the coronavirus pandemic...
ARPC locks in terrorism retrocession cover
22 February 2021
The Australian Reinsurance Pool Corporation says it has finalised a $3.475 billion retrocession program for this year, with the latest arrangements including a change to improve the organisation’s capital strength...
Treasury considers add-on exemption requests
22 February 2021
Treasury is considering requests for a number of areas to be exempt from a new add-on insurance deferred sales model, while consumer groups are pushing for minimal carve-outs...
Easier disclosure rules won’t hamper prosecutions
22 February 2021
Proposed changes to permanently ease continuous disclosure requirements for listed companies will not water down the government’s ability to prosecute criminal breaches, or the regulator’s right to issue infringement notices and administrative penalties without proving fault, Treasury says...
Victoria’s $6.9 million PI program a ‘world first’: Lockton
15 February 2021
The $6.9 million professional indemnity insurance coverage secured by the Victorian Government is a “market first” for the construction sector, according to Lockton Companies Australia, the broker that arranged the exclusion-free program...
NSW cladding remediation plan confirms support for owners
15 February 2021
Apartment owners whose properties require cladding remediation will get financial support from the NSW Government in the form of interest-free, 10-year loans...
Workers’ compensation surgeon fees face scalpel
15 February 2021
The State Insurance Regulatory Authority has given surgeons and medical groups until the end of next month to respond to plans to reduce fees charged in the NSW workers’ compensation scheme...
High Court considers ANZ New Zealand penalty
15 February 2021
The Financial Markets Authority has called on the High Court to impose a $NZ280,000 financial penalty against ANZ New Zealand for making false and misleading representations about credit card insurance...
Insurance directors disqualified over duty breaches
15 February 2021
The corporate regulator has disqualified Adrian Christopher Coronno and Domenico Luvera of Queensland-based Pacific Pines from managing corporations for five years after they failed to properly carry out their duties as directors in four failed businesses that provided a range of services including insurance...
Business interruption impact among APRA’s supervision priorities
08 February 2021
The Australian Prudential Regulation Authority has listed business interruption insurance as one of its key focus areas in an information paper outlining its Supervision Priorities for the next 12-18 months...
High Court ruling on Westpac advice set for scrutiny
08 February 2021
A High Court ruling that found two Westpac subsidiaries breached financial services laws when they went beyond their licence and provided personal advice is being examined by the National Insurance Brokers Association...
Fraudulent mechanic must repay almost $100,000 to WorkSafe
08 February 2021
A man caught driving taxis while receiving weekly payments from Victoria's workers’ compensation scheme after he injured his arm while working as a mechanic will repay more than two years of benefits...
Actuaries Institute submission calls for mitigation funding
08 February 2021
The Actuaries Institute has urged the government to fund mitigation works and the strengthening of building codes in a pre-Budget submission to Federal Treasury in which it addresses climate change and the need for measures to help Australians develop greater resilience to extreme weather...
Queensland makes strata management rule changes
08 February 2021
Queensland’s Commissioner for Body Corporate and Community Management has introduced strata insurance regulation changes that will come into effect next month...
Tasmanian Government to help pay Tourist Railways insurance
08 February 2021
The Tasmanian Association of Tourist Railways is to be supported by the state government via contributions to the cost of insurance...
Government urged to act on Hayne proposals two years on
01 February 2021
Plaintiff law firm Maurice Blackburn has called on the Government not to delay the implementation of a compensation scheme of last resort and other outstanding proposals recommended by the Hayne royal commission report two years ago...
Shipton resumes as ASIC Chairman before early departure
01 February 2021
Australian Securities and Investments Commission Chairman James Shipton has resumed in the role today after he was cleared of misconduct over relocation-related expenses, but he will step down in coming months...
icare CEO Harding seeks to restore confidence
01 February 2021
icare’s new CEO Richard Harding has committed to improving the performance of the NSW state-owned insurer after scrutiny of its operations last year led to the departure of previous head John Nagle...