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...
30 November 2020
The Australian Securities and Investments Commission has sent a warning that firms must handle claims fairly after the Federal Court last week ruled Youi breached utmost good faith requirements under the Insurance Contracts Act on five occasions...
30 November 2020
NSW state insurer icare will conduct a workers’ compensation claims services tender next year after extending the contract of current provider EML for 12 months, while making changes to improve performance...
30 November 2020
The Australian Prudential Regulation Authority has warned it will take enforcement action against insurers and other financial services providers that fail to comply with their cyber security obligations...
30 November 2020
Complaints about insurance have jumped 104% so far this year, the Australian Competition and Consumer Commission reveals...
30 November 2020
The Australian Prudential Regulation Authority is reviewing reporting and capital frameworks as part of preparations for new accounting standards...
30 November 2020
Treasury is currently seeking submissions from industries and other stakeholders on their priorities for the 2021/22 budget...
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...
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...
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...
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...
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...
23 November 2020
New Zealand’s Financial Markets Authority has released for consultation its proposed guidance for advertisements of insurance and other financial products...
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…
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…
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…
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…
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…
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…