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…
Regulatory & Government
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"...
APRA restarts data confidentiality consultation
09 November 2020
Consultations have restarted on increasing the transparency of insurance data published by the Australian Prudential Regulation Authority after activity on the issue was suspended in March due to the COVID-19 pandemic...
APRA digs deeper on cyber insurance data
09 November 2020
The Australian Prudential Regulation Authority plans to collect data on cyber and management liability insurance products following interest from insurers in separate reporting of the information...
ASIC says brokers to have key role in new DDO laws
02 November 2020
The Australian Securities and Investments Commission has warned insurers and brokers will need to be ready for design and distribution obligations from “day one” following a delay in their introduction due to the COVID-19 pandemic...
ASIC ban on insurance provider upheld
02 November 2020
The Administrative Appeals Tribunal has affirmed an Australian Securities and Investments Commission decision to ban an insurance provider who operated without a licence...
Insurers to handle EQC claims under new model
02 November 2020
New Zealand private insurers will handle claims for policyholders following natural disasters under a partnership model agreed with the Earthquake Commission to simplify and speed the process...
ASIC announces $10 million Allianz remediation payments
02 November 2020
Allianz Australia and subsidiary AWP Australia have repaid $10 million to 31,500 customers who were “mis-sold” travel insurance...
APRA warns risk from COVID fallout remains
02 November 2020
The Australian Prudential Regulation Authority has warned the economic fallout from the coronavirus crisis will continue to pose material risks to the financial services sector including insurance...
ASIC leadership in turmoil over expenses probe
26 October 2020
Australian Securities and Investments Commission Chairman James Shipton has stood aside and Deputy Chairman Daniel Crennan has resigned following revelations relating to relocation expenses paid to the pair...
Insurers, brokers told to ready for BI test case result
26 October 2020
The Australian Securities and Investments Commission has written to insurance and broking firms advising they should be ready to respond to the outcome of the NSW Court of Appeal business interruption test case...
New insolvency laws could impact trade credit insurance
26 October 2020
The Federal Government’s proposed changes to the insolvency framework, which will commence on January 1 if legislation is passed, could result in an “unprecedented number of possible claim events” for trade credit insurers, Lockton Companies Australia has warned...
ASIC circulates information for UCT reforms
26 October 2020
The Australian Securities and Investments Commission has released information sheets on new unfair contract term rules and is undertaking “targeted supervisory work” as it prepares for the start of the controversial laws...
APRA says new funding helps oversight
26 October 2020
Australian Prudential Regulation Authority Chairman Wayne Byres says increased funding from this year’s Federal Budget will help boost regulatory oversight in areas including cyber resilience as next year looms as another difficult period following the COVID-19 outbreak..
Rising premiums give ARPC coffers a boost
26 October 2020
The Australian Reinsurance Pool Corporation says its financial performance last year was better than expected due to rate rises in underlying commercial insurance premiums...
NZ regulator examines Aon-WTW deal
26 October 2020
New Zealand’s Commerce Commission is examining Aon’s proposal to acquire Willis Towers Watson after receiving a clearance application...
SIRA extends time for CTP review feedback
26 October 2020
The NSW State Insurance Regulatory Authority has extended the consultation period for a review of legal support for injured people accessing compulsory third party insurance...