Controversial UCT reforms enter Parliament
02 December 2019
Unfair contract terms reforms that insurers say create too much legal uncertainty and may be detrimental to consumers have been introduced to Federal Parliament...
Regulatory & Government
icare unveils extra claims management agents
02 December 2019
Insurance and Care NSW will give larger clients the option of working with three additional workers’ compensation claims management agents, to enhance “choice and flexibility”...
$54.7 billion and rising: ICA maintains push for tax reforms
02 December 2019
State and territory governments have collected a combined $54.7 billion from insurance taxes over the past 12 financial years, according to an Insurance Council of Australia submission...
IAG urges NSW to ditch insurance taxes
02 December 2019
NSW should scrap all taxes and duties on general insurance products, IAG says, calling the adoption of such a move “an important first step” that would help address the state’s under-insurance problem...
ASIC offers bushfire victims help with fees
02 December 2019
Customers affected by this month’s bushfires in NSW and Queensland are being offered assistance with various company-related fees they may owe...
NSW to ban insurance for work safety fines
02 December 2019
Using insurance to cover workplace safety breach penalties will be illegal under a NSW Parliamentary bill introduced ahead of possible national reforms...
Services use driving up workers’ comp costs, SIRA says
02 December 2019
The NSW State Insurance Regulatory Authority says rising services use is driving surging healthcare costs in the workers’ compensation scheme...
ASIC, APRA build closer ties with new pact
02 December 2019
Australia’s financial regulators have agreed to a new mutual accord aimed at improving cooperation and information sharing between the pair...
ICA seeks faster APRA action on accounting changes
02 December 2019
The Australian Prudential Regulation Authority should consider picking up the pace on its integration of new accounting standards into capital reporting requirements, the Insurance Council of Australia says...
Remuneration reforms causing angst: APRA
02 December 2019
Australian Prudential Regulation Authority Chairman Wayne Byres says its proposals to overhaul remuneration standards to improve financial sector culture have caused “a fair amount of angst”...
Draft UCT law could lead to increased costs: ICA
25 November 2019
Consumers could ultimately be forced to pay higher premiums if the Government pushes ahead with its draft bill to extend unfair contract terms to insurance contracts...
icare expects another testing year after workers’ comp loss
25 November 2019
NSW state-owned icare has warned of another testing year after its main workers’ compensation scheme swung to a $876 million net loss amid falling bond yields and rising medical costs...
APRA sets out tougher stance on culture risks
25 November 2019
The Australian Prudential Regulation Authority has put financial services firms on notice with its plans for scaling up a tougher approach towards governance, culture, remuneration and accountability...
New SIRA standards for insurers
25 November 2019
The NSW State Insurance Regulatory Authority is launching new customer service conduct standards for insurers who engage with people making a compulsory third party or workers’ compensation claim...
ASIC seeks ways to use new powers, penalties
25 November 2019
Australia’s financial regulator is actively pursuing cases which will allow it to utilise new powers and penalties granted by Parliament...
AFCA appoints General Counsel
25 November 2019
The Australian Financial Complains Authority has appointed Anna Campbell to a new position of General Counsel...
PI dilemma leads to call for delay in NSW building reforms
18 November 2019
The NSW Government has been urged to put on hold plans requiring building practitioners to hold full professional indemnity cover until it has engaged with the insurance industry...
ICA calls for ‘flexibility’ to proposed add-on reforms
18 November 2019
The Australian Securities and Investments Commission’s planned deferred sales model should be amended to remove some of the “granular and rigid” sections, according to feedback...
EQC pledges improved response after failings
18 November 2019
New Zealand’s Earthquake Commission says it is continuing to overhaul its operating model following failures identified after the devastating Canterbury earthquakes...
Court ruling highlights owner-builder risks
18 November 2019
A WA court ruling has highlighted the insurance obligations of owner-builders if they sell their property within seven years of receiving a permit, the state’s regulator says...