01 February 2021
Victoria’s ban on the use of high-risk cladding products in new multi-storey buildings takes effect today, with the move expected to produce a net economic benefit of $1 million annually from reduced insurance costs...
01 February 2021
Exemptions to the new deferred sales model for add-on insurance will be considered by a Treasury consultation...
01 February 2021
Rules governing the Australian Financial Complaints Authority’s jurisdiction to deal with disputes about authorised representatives have been amended in the wake of a court case last November that went against it...
01 February 2021
Australia has announced it will be joining the Coalition for Climate Resilient Investment initiative, a United Nations-backed program to foster more accurate pricing of physical climate risks in investment decision-making...
14 December 2020
Passage of the Financial Sector Reform Bill 2020 through Parliament is a “major step forward” in implementing the recommendations of the Hayne royal commission, the Federal Government says...
14 December 2020
The insurance industry has cautioned against making changes to the Privacy Act in a submission to an issues paper seeking feedback on whether the scope of the legislation and its enforcement mechanisms remain fit for purpose in the digital age...
14 December 2020
The Australian Securities and Investments Commission has set out its expectations for determining target markets for retail products and distributing them appropriately in a regulatory guide for new laws that aim to drive a consumer-centric approach...
14 December 2020
The Australian Prudential Regulation Authority will reduce a $250 million additional capital requirement applied to Allianz Australia last year to $150 million, saying the insurer has made progress in “addressing issues”...
14 December 2020
The COVID-19 outbreak has compressed a decades’ change into a few years and will lead to lasting impacts on the ways insurers do business, Australian Prudential Regulation Authority (APRA) Executive Board Member Geoff Summerhayes says in comments made as his term concludes.
14 December 2020
Australian Reinsurance Pool Corporation CEO Christopher Wallace says extending the mandate of terrorism pools to pandemics could assist the insurance industry as its reputation is hit by COVID-19 related claim denials...
14 December 2020
Parliament has passed the legislation for new insolvency laws that could potentially impact trade credit insurers...
14 December 2020
The Insurance Council of Australia has proposed an accreditation process for rehabilitation providers in the NSW compulsory third party scheme in a submission to the State Insurance Regulatory Authority...
14 December 2020
The Queensland Government has partnered with CSIRO to develop a guide for improving the bushfire resilience of new and existing homes...
07 December 2020
The Australian Securities and Investments Commission is inviting financial services industry feedback on proposed changes to its consumer remediation guidance...
07 December 2020
The Council of Financial Regulators has called on insurers to move as quickly as possible to resolve uncertainty around business interruption cover and to make payments on claims where policies respond...
07 December 2020
Former Suncorp CEO Michael Cameron has joined the board of NSW state-owned insurer icare as it introduces reforms to improve its performance and overhauls its leadership...
07 December 2020
Lawyers have weighed in on a recent court case where it emerged the Australian Financial Complaints Authority apparently breached rules which state disputes must be handled fairly and impartially...
07 December 2020
Climate change risks, sometimes dubbed “green swan” events, must be thoroughly understood to protect the health of financial systems, Australia’s corporate regulator says...
07 December 2020
Pacific International Insurance has been issued “formal directions” by the Reserve Bank of New Zealand after it repeatedly failed to comply with its reporting and disclosure obligations...
30 November 2020
Applications for claims handling licences will be accepted by the Australian Securities and Investments Commission from January 1, if the Bill for the Hayne royal commission proposal is passed in Parliament before the end of this year...