Law breaches not required for product intervention: ASIC
22 June 2020
The Australian Securities and Investments Commission says it is ready to use its new product intervention powers even when there have not been breaches of the law...
Regulatory & Government
Insurers cheer ESL Monitor’s comments on levy’s impact
22 June 2020
The Insurance Council of Australia has welcomed concerns raised by the NSW Emergency Services Levy Monitor over the tax on insurance and its impact on the community...
NSW ban on insurance for work safety fines takes effect
22 June 2020
Laws making it illegal for insurance to cover workplace safety breach penalties have come into effect in NSW, making it the first state to introduce a change recommended in a national review...
Bushfires inquiry turns focus to local governments
22 June 2020
The royal commission into natural disaster arrangements is turning its focus to the role of local governments, with insurer submissions highlighting land use planning issues that have increased risks...
Queensland freezes WorkCover premiums
22 June 2020
The Queensland Government has frozen its workers’ compensation premium rate for another year as businesses battle to cope with the challenges of COVID-19...
ASIC sets funding contribution from industry at $16.4 million
15 June 2020
The general and life insurance industries will likely pay about $16.44 million in levies for this financial year to fund the regulatory work of the Australian Securities and Investments Commission...
ASIC to zero in on insurance 'exploitation'
15 June 2020
A new Australian Securities and Investments Commission working group will monitor what it says is an increased risk of consumers being “exploited through misleading or fear-based advertising” in insurance...
Dissolve state borders when fighting fires, royal commission told
15 June 2020
Firefighting experts are urging that state borders be “dissolved” during bushfires and that common training, communication systems and equipment be introduced and shared across regions to promote the most effective containment...
Legislation could see insurers hit with building defect claims: law firm
15 June 2020
Insurers could be hit with new claims from NSW apartment owners following the passage of a law this month to reform the troubled building sector, Wotton + Kearney has warned...
Let insurers limit exposure to high-risk builders: NIBA
15 June 2020
Private insurers may again participate in the NSW Home Building Compensation Fund if they are allowed to limit insurance to high-risk builders, the National Insurance Brokers Association says...
Code enforceability risks 'two-tier' approach
15 June 2020
The General Insurance Code Governance Committee is concerned that making some parts of the code of practice legally enforceable will create a two-tier approach to the document...
NSW progresses plans for new dispute resolution scheme
15 June 2020
The NSW Government has introduced a bill in Parliament to set up a new one-stop tribunal – the Personal Injury Commission – to handle compensation claim disputes by workers and motorists...
RBNZ to hold closed-door meetings with insurer actuaries
15 June 2020
The Reserve Bank of New Zealand is introducing regular one-on-one meetings with actuaries which will not be attended by the management or board members of the designated insurer...
Parliamentary committee to scrutinise code breaches
01 June 2020
The House of Representatives Standing Committee on Economics will this week scrutinise the insurance industry over a surge in code of practice breaches, as well as the sector’s COVID-19 response...
Levy rise to hit NSW premiums
01 June 2020
An increase of more than 20% in the NSW Emergency Services Levy will have a dramatic effect on premiums this coming financial year, an insurer has warned...
Royal commission to hear evidence on aerial firefighting
01 June 2020
Aerial firefighting will be examined when the Royal Commission into National Natural Disaster Arrangements resumes hearings tomorrow...
Senate inquiry submissions urge tax reform, mitigation
01 June 2020
Insurers and brokers are urging insurance taxes be overhauled and governments ramp up disaster mitigation efforts in the wake of last summer’s devastating and costly bushfires...
Premium freeze: icare to hold rates for 3 million workers
01 June 2020
NSW state insurer icare has been instructed to keep its premium rates unchanged from June 30, saving businesses more than $325 million in an effort to boost confidence and stimulate the economy...
Industry 'must prepare for UCT reform'
01 June 2020
Insurance companies should be getting ready for the extension of unfair contract terms obligations, the Australian Securities and Investments Commission says...
Insurtech-friendly law change set for September
01 June 2020
New federal laws that will benefit insurtechs by reducing red tape and are aimed at promoting innovation by making it easier for fintech businesses to trial new products are set to take effect on September 1...