Code committee issues breach guidance
06 July 2020
The General Insurance Code Governance Committee has published a guidance note to assist subscribers with the reporting of significant breaches...
Regulatory & Government
NZ regulator to provide update on insurance contract law reform
06 July 2020
New Zealand’s Financial Markets Authority has committed to reporting on the progress of key pieces of law reform such as its present insurance contract law review, including implementation dates and milestones...
WorkCover WA unveils new insurer standards
06 July 2020
WorkCover WA has published a set of standards outlining new service expectations for insurers...
Motor group proposes excess waiver for crash repairs
29 June 2020
The Motor Trades Association of Australia has proposed insurers waive consumer excess payments for authorised crash repairs as part of an SME assistance package that has received draft approval from the Australian Competition and Consumer Commission...
Councils flag insurance fears at bushfire royal commission
29 June 2020
Council chiefs have told the Royal Commission into National Natural Disaster Arrangements about their communities’ concerns about the cost and availability of insurance...
Canberra steps in with $50 million aid for insurance-hit production sector
29 June 2020
The Federal Government will provide $50 million in financial aid to kick-start the local film and television production industry, where new projects have stalled since the virus outbreak in March because insurers are declining cover for COVID-19 and other pandemic-related risks...
No profit: Vic builders may fix their cladding errors
29 June 2020
A new Victorian Government scheme to fix buildings with flammable cladding will see the original builders of affected properties rectifying their projects for cost...
WA follows NSW with virus cover change
29 June 2020
The WA Government has introduced a parliamentary Bill removing barriers for healthcare workers who contract COVID-19 on the job in accessing workers' compensation entitlements...
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...
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...