SIRA takes action on workers’ comp non-insurance
19 October 2020
The NSW State Insurance Regulatory Authority has taken action to ensure employers are not operating without workers’ compensation cover...
Regulatory & Government
APRA on alert for ‘significant downside risks’ from COVID
19 October 2020
The Australian Prudential Regulation Authority has stepped up its focus on general insurers in response to the economic fallout from COVID-19 and last summer’s natural disasters, the regulator says in its 2019/20 annual report...
Time’s up: AFCA set to end responses extension
19 October 2020
The Australian Financial Complaints Authority has warned that a temporary time extension for handling complaints during the COVID-19 pandemic is set to come to an end...
Regulators seek feedback on climate risks guidance
19 October 2020
The International Association of Insurance Supervisors is consulting on a paper that will provide guidance on managing the challenges and opportunities arising from climate-related risks...
APRA says QBE falls under new classification
19 October 2020
The Australian Prudential Regulation Authority says QBE will come under a supervisory framework for internationally active insurance groups under reforms introduced to enhance global co-ordination...
ICA applauds ‘strong’ Budget’s hazard mitigation promise
12 October 2020
The Insurance Council of Australia has welcomed last week’s Federal Budget, saying it is a strong step towards Australia’s recovery from both the COVID-19 pandemic and devastating summer bushfires...
Senate report proposes ACCC price monitoring
12 October 2020
The Australian Competition and Consumer Commission should monitor the natural perils component of insurance premiums, while mitigation efforts are also a priority, an interim report from a Senate committee inquiring into last summer’s bushfires has recommended...
APRA rolls out more flexible risk assessing model
12 October 2020
The Australian Prudential Regulation Authority is switching to a more sophisticated system for assessing risks faced by insurers, banks and other licensees as its focus widens and new issues emerge...
Feedback for icare review sought by month-end
12 October 2020
Submissions and survey responses on the performance of NSW state insurer icare are due by the end of the month as part of an independent review announced by the Government...
SIRA consults on psychological standard, CTP support
12 October 2020
The State Insurance Regulatory Authority is consulting on a new standard of practice for managing psychological injury claims...
Consumer watchdog scrutinises Aon-WTW merger
05 October 2020
The Australian Competition and Consumer Commission is looking at how the proposed merger of Aon and Willis Towers Watson would impact the provision of commercial insurance and reinsurance offerings in this country...
ASIC starts court action against Allianz over travel sales
05 October 2020
The Australian Securities and Investments Commission has started civil penalty proceedings in the Federal Court against Allianz Australia and AWP Australia, alleging a misleading sale of travel insurance through three websites run by Expedia...
Regulator targets builder over insurance failure
05 October 2020
A builder has been fined $10,000 for arranging building work without having the proper insurance in place...
NZ regulator restarts insurance law review
05 October 2020
The Reserve Bank of New Zealand has relaunched its planned review of the Insurance Act, months after putting it on hold because of the coronavirus pandemic...
SA doubles bushfire preparation funding
05 October 2020
South Australia has allocated nearly $100 million ahead of the upcoming bushfire season including a plan for a 50% increase in prescribed burns...
Plan to drop brokers in NSW scheme riles NIBA
28 September 2020
The National Insurance Brokers Association has criticised a NSW Independent Pricing and Regulatory Tribunal proposal to end the mandatory use of brokers in the state’s building defects compensation scheme...
icare looks for new CEO to ‘build trust’
28 September 2020
NSW state insurer icare has started the process of recruiting a new CEO and MD following the departure of John Nagle...
Rule change to avert ‘opportunistic’ class actions extended
28 September 2020
Temporary rule changes to prevent opportunistic class actions over stock exchange disclosures during the coronavirus pandemic have been extended by six months...
SA motor insurance inquiry makes 11 proposals
28 September 2020
The SA Parliamentary Economic and Finance Committee has made 11 proposals aimed at improving the state’s motor vehicle insurance and repair sector...
New WA construction bill targets phoenix builders
28 September 2020
The WA Government plans to introduce new legislation that will close a loophole allowing so-called phoenix builders to declare bankruptcy and start in the industry again under a new business name...