Insurance customers double their complaints to ACCC
30 November 2020
Complaints about insurance have jumped 104% so far this year, the Australian Competition and Consumer Commission reveals...
Regulatory & Government
New accounting standard triggers APRA review
30 November 2020
The Australian Prudential Regulation Authority is reviewing reporting and capital frameworks as part of preparations for new accounting standards...
Treasury seeks submissions for 2021/22 budget
30 November 2020
Treasury is currently seeking submissions from industries and other stakeholders on their priorities for the 2021/22 budget...
‘Unsustainable burden’: NSW Budget flags ESL rises
23 November 2020
The National Insurance Brokers Association has repeated its concern about the NSW Emergency Services Levy and the amount that taxes on insurance add to premiums...
Personal advice regulation problems set for ASIC review
23 November 2020
The Australian Securities and Investments Commission is reviewing rules that have acted as a disincentive for brokers and advisers to provide personal advice across a limited range of areas...
‘Volume and complexity’ behind underpayments, says icare
23 November 2020
NSW state insurer icare says the “sheer volume” of information required by legislation and the complexity of calculations was behind the errors in pre-injury average weekly earnings paid to many workers...
Getting on with it: ASIC vows to focus on misconduct
23 November 2020
The Australian Securities and Investments Commission has listed misconduct in industries including insurance as one of its key focus areas as the corporate regulator seeks to use its new regulatory powers to protect consumers...
ASIC sets deadline for new accounting standard
23 November 2020
Insurers must disclose in their December 31 2020 financial reports the impacts of a new accounting standard that will come into effect globally in about two years...
Regulator seeks feedback on financial product ads
23 November 2020
New Zealand’s Financial Markets Authority has released for consultation its proposed guidance for advertisements of insurance and other financial products...
Morrison to form national resilience and recovery agency
16 November 2020
The Federal Government will set up a National Resilience, Relief and Recovery Agency as part of its response to the bushfires royal commission…
NIBA examines Hayne legislative package details
16 November 2020
The National Insurance Brokers Association is examining a legislative package tabled in Federal Parliament last week that introduces reforms recommended by the Hayne royal commission around add-on sales, hawking and claims handling…
Treasury moves to strengthen UCT protection regime
16 November 2020
Unfair contract terms in standard form contracts will be outlawed and courts given powers to impose civil pecuniary penalties for contraventions, Treasury announced last week following a public consultation on ways to improve protections for small businesses and consumers…
APRA revises culture-driving pay standard
16 November 2020
The Australian Prudential Regulation Authority has called for comment on a revised remuneration standard that aims to lift the focus on non-financial performance and improve corporate culture…
icare ‘working to address’ NIBA’s broker letter concerns
16 November 2020
NSW state insurer icare says it is seeking to address concerns raised by the National Insurance Brokers Association over changes to letters of appointment used in the workers’ compensation scheme…
SIRA seeks feedback on COVID cost-sharing proposal
16 November 2020
The NSW State Insurance Regulatory Authority is seeking feedback on plans to spread COVID-19 workers’ compensation costs across the state scheme amid concerns that they may become significant if claims volumes are high…
ASIC extends financial reporting deadlines
16 November 2020
The Australian Securities and Investments Commission has extended the deadline for companies to lodge financial reports by one month for certain balance dates…
Approved, rejected, dropped: how ASIC handled licence applications
16 November 2020
The Australian Securities and Investments Commission has released an update on its licensing and professional registration activities for the last financial year…
Not so simples: ACCC probes comparator’s move on iSelect
09 November 2020
The Australian Competition and Consumer Commission is inviting submissions over moves by comparison site Compare the Market to acquire more shares in competitor iSelect...
NSW building scheme needs brokers: NIBA
09 November 2020
Ending the role of brokers in the NSW home defects compensation scheme would disadvantage builders, drive up premiums and create additional issues if icare were to take over distribution, the National Insurance Brokers Association says...
icare blames ‘confusion’ for transparency problems
09 November 2020
NSW state insurer icare says historic non-compliance with contract transparency requirements was caused by "underdeveloped systems and internal confusion"...