SIRA consults on coronavirus-related claims
04 May 2020
The State Insurance Regulatory Authority says it is consulting on a standard of practice that will set expectations for insurers handling COVID-19 related workers’ compensation claims...
Regulatory & Government
ASIC prioritises 'insurance-related misconduct'
04 May 2020
The enforcement office of the corporate regulator will prioritise "matters related to misconduct in insurance" out to 2021, the latest update from the Australian Securities and Investments Commission says...
AFCA ruling on disclosure breach a concern for industry: lawyer
27 April 2020
The Australian Financial Complaints Authority’s decision to rule in favour of a claimant who had breached his duty of disclosure “must be of concern” for insurers, according to law firm Wotton + Kearney...
Bushfire inquiry submissions window closing
27 April 2020
The timeframe for individuals and organisations to make a submission about the 2019-20 bushfire season to the Royal Commission into National Natural Disaster Arrangements closes tomorrow...
Businesses seek clarity over JobKeeper payment status
27 April 2020
Workers’ compensation scheme regulators have been asked to clarify whether payments from the $130 billion JobKeeper wage subsidy scheme fall under the category of “declarable remuneration” for the purpose of calculating premium...
Switched off: CTP relief drive sidelined
27 April 2020
Calls from consumer group One Big Switch for reductions in compulsory third party premiums appear to have made little headway, as NSW and Victoria say they have measures in place to help households weather the financial crunch sparked by the virus pandemic...
ARPC Chairman reappointed for three-year term
27 April 2020
Australian Reinsurance Pool Corporation Chairman Ian Carson will take up a second three-year term in the role while two other board appointments have also been made...
ASIC action against Youi sends a warning
20 April 2020
The Australian Securities and Investments Commission has launched Federal Court action against insurer Youi over the handling of a hail damage claim, as it takes a tougher legal approach in its regulation...
NSW building compo review looks at insurer participation
20 April 2020
The NSW Independent Pricing and Regulatory Tribunal is seeking submissions as it considers changes to the state’s home building compensation scheme...
Federal Court ruling will embolden AFCA: lawyer
20 April 2020
The Federal Court applied a "very narrow view of judicial power" when it rejected a superannuation fund’s appeal against a ruling made by the Australian Financial Complaints Authority, according to law firm Allens...
Bushfire inquiry won't 'point fingers' or lay blame
20 April 2020
The Royal Commission into National Natural Disaster Arrangements will not "point fingers or apportion blame to any jurisdiction, government or individual," the inquiry’s opening hearing was told on Thursday...
SIRA receives 162 coronavirus notifications
20 April 2020
The NSW State Insurance Regulatory Authority says it has been advised of 162 workers’ compensation claims or notifications related to COVID-19...
Industry gets more time to deal with complaints
20 April 2020
The Australian Financial Complaints Authority has given insurers and financial services providers extra time to resolve disputes with customers, easing the pressure brought on by the coronavirus crisis...
Paying for no service: insurance customers complaining, says ACCC chief
20 April 2020
Insurance customers have complained to the competition regulator about paying premiums for services they can no longer access due to COVID-19 restrictions...
ASIC grants an extra month for some financial reports
20 April 2020
Unlisted entities have been granted additional time to lodge their scheduled financial reports, the Australian Securities and Investments Commission says...
Roundtable backs creation of NSW resilience agency
20 April 2020
The newly created NSW Resilience agency will present "opportunities for a more co-ordinated approach" to handle future natural disasters and significant events, IAG MD and CEO Peter Harmer says...
COVID-19 disruption should not delay Hayne reforms: Finity
06 April 2020
Actuarial firm Finity has advised insurers against putting on hold the implementation of reform measures pushed forth by the Hayne royal commission during the coronavirus outbreak...
NSW sets up resilience agency for disasters
06 April 2020
NSW has established a new resilience agency to lead disaster preparedness and recovery from catastrophes affecting the state...
icare return to work rate declines, liability decisions improve
06 April 2020
NSW state insurer icare says its 26-week return to work rate saw a slight decline at the end of last year while the pace of liability decisions has improved...
Industry urges NSW to scrap ESL
06 April 2020
The NSW Government has again been urged to reconsider funding the state’s emergency services via a broad property-based levy...