RACQ steps up push for CTP reforms
17 February 2020
RACQ held a citizens’ jury in Brisbane over the weekend as part of its public campaign to push for reforms to the compulsory third party (CTP) scheme in Queensland...
Regulatory & Government
ICA makes case for milder compo scheme
17 February 2020
The Insurance Council of Australia has called for the design of the proposed compensation scheme of last resort to include financial services that are not solely provided by prudentially regulated firms...
New ‘sandbox’ laws benefit insurtechs
17 February 2020
Insurtechs will benefit from new federal laws that create a fintech regulatory “sandbox” aimed at boosting Innovation and competition...
Time’s running out for NZ home buyer repair scheme
17 February 2020
New Zealand’s Earthquake Commission is reminding owners of on-sold properties in Canterbury in need of repairs they have just six months left to apply for government funding...
MPs set April date for insurance scrutiny
10 February 2020
The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in April as part of its ongoing review of financial institutions...
APRA proposes opening up insurers’ data further
10 February 2020
The Australian Prudential Regulation Authority has written to general and life insurers over plans to increase the transparency of data it regularly publishes...
Bushfire royal commission ‘must tackle underinsurance’
10 February 2020
Prime Minister Scott Morrison has written to state and territory leaders seeking feedback on terms of reference for a proposed royal commission into the devastating bushfire season...
SIRA surveys stakeholders as return-to-work rates drop
10 February 2020
NSW’s State Insurance Regulatory Authority is seeking industry feedback after identifying a trend of deteriorating rates of return to work in the state last year...
Parliament passes unfair contract terms bill
10 February 2020
Federal Parliament has passed legislation to apply unfair contract terms laws to insurance contracts...
Industry backs ‘routine’ surveys on mental health
10 February 2020
The Insurance Council of Australia has voiced support for a Productivity Commission proposal to conduct regular mental health surveys...
Compo scheme should extend to PI, says AFCA
10 February 2020
Having successfully landed management of the Government’s proposed industry-funded compensation scheme of last resort, the Australian Financial Complaints Authority is now calling for professional indemnity insurance customers to also be able to use it...
Terrorism pool ups retrocession cover
10 February 2020
The Australian Reinsurance Pool Corporation has renewed its retrocession reinsurance program for this year at $3.45 billion, up slightly from $3.315 billion last year...
Claims-handling legislation confuses brokers, insurers
03 February 2020
The National Insurance Brokers Association and the Insurance Council of Australia are calling for clarification on new claims-handling legislation due to concerns about how it will be applied in practice...
Government sets December deadline for compo scheme
03 February 2020
Treasury has released a discussion paper on its plans to set up an industry-funded compensation scheme of last resort by December...
ASIC seeks feedback on product design guidance
03 February 2020
The Australian Securities and Investments Commission has released draft guidance and a consultation paper on new product design and distribution obligations aimed at boosting consumer protections...
New conduct regime looms for industry
03 February 2020
The Federal Government intends to introduce legislation by the end of the year for a new conduct regime that would apply to insurers and other regulated financial services providers, as recommended by the Hayne royal commission...
Treasury opens draft legislation consultation
03 February 2020
Responses to draft legislation aimed at addressing issues raised by the Hayne royal commission will be accepted until February 28...
Canberra urged to act on mitigation funding ‘imbalance’
03 February 2020
The Insurance Council of Australia has again pushed for an increase in federal spending on disaster mitigation works in a pre-budget submission to the Government for the next financial year...
Victoria drops cladding from PI requirements
03 February 2020
All classes of engineers and other building professionals in Victoria will be allowed to operate with cladding exemptions on their professional indemnity insurance policies from next week...
ACT introduces its new CTP scheme
03 February 2020
The ACT’s new no-fault Motor Accident Injuries Scheme came into effect on Saturday...