ACT says scrapping insurance tax left no budget hole
31 August 2020
A new ACT government review of tax reforms it began in 2012 concludes that a decision to scrap taxes on insurance has not impacted the territory’s budget...
Regulatory & Government
ASIC, APRA list insurance focus areas in corporate plans
31 August 2020
The Australian and Securities Investments Commission and the Australian Prudential Regulation Authority have outlined areas in insurance they intend to focus on between now and 2024, taking into account the long-term impacts of COVID-19...
NZ Govt backs EQC inquiry recommendations
31 August 2020
The New Zealand Government says it will make further changes to the operation of the Earthquake Commission as recommended by a public inquiry when it introduces new legislation next year...
Don’t delay over add-on reforms, groups tell ASIC
31 August 2020
Consumer groups have rejected Australian Securities and Investments Commission plans that would delay add-on insurance product sales reforms, arguing buyers face greater immediate risks due to the coronavirus pandemic...
ASIC sets out criteria for new ‘sandbox’ rules
31 August 2020
The Australian Securities and Investments Commission has set out its guidance for insurtechs and financial services providers who want to test innovative products under new regulations that will kick in tomorrow...
Industry pushes for greater use of digital communications tools
31 August 2020
The Insurance Council of Australia has urged governments at federal and state levels to make permanent interim measures that allow the industry to submit compliance documents electronically during the pandemic...
icare sets up committee to review governance
24 August 2020
NSW state insurer icare has formed a corporate governance committee to examine performance issues raised in parliamentary inquiry hearings and in the media...
icare starts search for new CEO
24 August 2020
NSW state insurer icare has started the search for a new CEO while Group Executive Don Ferguson temporarily takes on the role following the departure of John Nagle earlier this month...
Class action funders get three month ‘relief’ period
24 August 2020
The Australian Securities and Investments Commission has allowed litigation funding schemes three months of relief measures as they transition to a new regulatory regime...
AFCA urges more add-on disclosure
24 August 2020
The Australian Financial Complaints Authority wants commissions and claims ratios included in compulsory disclosures for add-on insurance sold with motor vehicles...
New quad bike safety standard to apply from October 11
24 August 2020
A new government quad bike safety standard is to take effect from October 11 in a crackdown on the rate of fatalities, particularly on farms where these accidents are the leading cause of death and severe injury...
Cyclone reinsurance pool: Canberra still weighing options
17 August 2020
The Federal Government is still looking at a Commonwealth-funded reinsurance cyclone pool for northern Australia, but it has not ruled out other options as a three-year inquiry into the region’s premium affordability problem nears completion...
IFRS 17 should have little impact on insurers’ ratings: S&P
17 August 2020
S&P Global Ratings is not expecting to make any rating changes when accounting rule IFRS 17 comes into effect in January 2023, changing the way insurers prepare their financial statements including profit and loss accounts...
WA passes workers’ comp COVID bill
17 August 2020
The WA Parliament has passed a bill to support healthcare employees who require access to workers’ compensation entitlements if they contract the COVID-19 virus...
GB creates online portal for injured workers
17 August 2020
The Victorian Workers’ Compensation team at Gallagher Bassett has created an online portal to ease access to claim information and upload documents...
Bushfire recovery grants offered to Victorian communities
17 August 2020
Charities, not-for-profits and other local community service providers across Victoria, as well as local government authorities and four alpine resorts, have been invited to apply for $7.5 million in bushfire recovery grants...
EQC backs changes to tenancy laws
17 August 2020
New Zealand’s Earthquake Commission has backed changes to tenancy laws that give renters greater flexibility to make minor alterations or additions that will secure their furniture and appliances against seismic movements...
New Zealand sets new solvency return requirements
17 August 2020
Non-exempt insurers in New Zealand will be required to submit solvency return projections on two bases starting from next month, as part of changes made by the central bank...
NSW workers’ comp review ‘an important step’
10 August 2020
The State Insurance Regulatory Authority says a review of icare by retired Supreme Court judge Robert McDougall will be an important opportunity to consider the performance of the scheme...
APRA to resume consultations and issue new insurance licences
10 August 2020
Public consultations on key policy areas such as insurance capital reforms, suspended since late March because of the pandemic, will resume, the Australian Prudential Regulation Authority announced today...