ICA to host stronger homes forum in Sydney tomorrow
19 April 2021
The third in a series of Building Stronger Homes roundtables will be held in Sydney tomorrow, exploring the role of construction standards in national natural disaster resilience...
Regulatory & Government
4WD Hire fined $1.2 million after falsely promising off-road cover
19 April 2021
Four-wheel-drive vehicle hire business Smart Corporation, which previously traded as Australian 4WD Hire and is now in liquidation, has been fined $1.2 million after making false and misleading representations to consumers about insurance cover...
SIRA extends COVID-sparked role for psychologists
19 April 2021
The NSW State Insurance Regulatory Authority has extended the role of psychologists and physiotherapists in certifying an injured person’s fitness for work after the change was introduced last year due to the COVID-19 pandemic...
Rival gets clearance to up stake in iSelect
19 April 2021
Plans by the owner of Compare the Market to raise its stake in iSelect look set to go ahead after the competition watchdog says it “will not oppose” the move...
WorkCover WA raises premiums
19 April 2021
Rates for compulsory workers’ compensation insurance in WA are set for an overall increase of 4% for the next financial year...
ASIC warns deadline looming for claims handling licence applications
12 April 2021
The Australian Securities and Investments Commission has warned “time is running out” for insurance claims handling firms to apply for licences, which are mandatory by January 1 next year under new laws that were passed last December...
Westpac to face court over credit cover
12 April 2021
The Australian Securities and Investments Commission has taken Federal Court action against Westpac over the sale of consumer credit insurance, alleging it debited premiums for cover that was never requested and through its actions has undermined confidence in the financial system...
SIRA action spurs workers’ comp policy purchases
12 April 2021
The State Insurance Regulatory Authority says an additional $1.3 million in workers’ compensation premium has been raised following non-insurance investigations...
Victoria building consultation flags insurance reform
12 April 2021
The Victorian Government is seeking feedback on ways to improve existing insurance arrangements as part of a wide-ranging review of the state’s troubled building sector...
BI cost linked to exclusion zones, research finds
12 April 2021
Applications of exclusion zones in areas affected by a terrorism incident or other major disruptive event could result in up to 10 times the insured loss expected from physical damage due to business interruption, new research from the Australian Reinsurance Pool Corporation has found...
ANZ granted Comcare self-insurance licence
12 April 2021
Australia and New Zealand Banking Group has been approved as a self-insurer in the Commonwealth workers’ compensation scheme Comcare...
Industry ‘prepared’ for unfair contract terms
29 March 2021
Insurers have been working closely with the Australian Securities and Investments Commission to prepare for next week’s application of unfair contract terms to insurance contracts, the Insurance Council of Australia says...
NSW workers’ comp premiums set to rise
29 March 2021
NSW workers’ compensation premiums may rise 2.9% for the next two financial years under annual increases sought by state-owned insurer icare in response to increasing costs...
NSW insurance regulator seeking new CEO
29 March 2021
The NSW State Insurance Regulatory Authority will advertise for a new CEO to take over from Carmel Donnelly, who is set to become chairman of the state’s Independent Pricing and Regulatory Tribunal by July...
Regulator pilot tests cyber security protocols
29 March 2021
The Australian Prudential Regulation Authority is testing the cyber security chops of selected regulated entities as it cracks down on vulnerability in Australia’s financial system...
Tasmania tackles underinsurance with new toolkit
29 March 2021
A new Insurance Checkup website is allowing Tasmanians to assess their insurance and receive a personalised, step-by-step checklist of things to consider...
APRA’s Rowell shifts into insurance
22 March 2021
Australian Prudential Regulation Authority Deputy Chairman Helen Rowell will take over responsibility for insurance after leading a period of extensive change in the regulation of superannuation during the past seven years...
Long-term study tracks NSW injury scheme outcomes
22 March 2021
Claimants in compulsory third party or workers’ compensation schemes for longer periods are more likely to report poorer experience and outcomes and a lesser sense of justice or trust, a first report from long-term research commissioned by the NSW State Insurance Regulatory Authority says...
Senate steps up fintech work
22 March 2021
The Australian Senate last week voted to “expand the scope and length” of the Fintech Select Committee to further strengthen the country’s position as a global financial and technology hub...
SIRA quarterly icare audits on hold amid changes
22 March 2021
The NSW State Insurance Regulatory Authority has put quarterly audits of icare on hold until the second half of this year as a new leadership team settles into top positions at the insurer and moves ahead with reforms...