NZ Parliament passes zero target climate action bill
11 November 2019
New Zealand has passed legislation to drive the country towards zero net carbon emissions by 2050, with the exclusion of short-lived gases emitted by plant and animal sources...
Regulatory & Government
ESL error sparks fresh reform calls
11 November 2019
The Insurance Council of Australia has again urged the NSW Government to reform the Emergency Services Levy after an erroneous note was sent to insurers by Revenue NSW...
NSW Government to keep cladding list secret
11 November 2019
The NSW Government has cited security concerns, such as arson and terrorism, as the reason for its decision not to release to the public the list of 444 buildings in the state with potentially dangerous cladding...
PI cladding extension may be needed: ICA
11 November 2019
The ongoing professional indemnity stalemate could drag on longer than expected, according to the Insurance Council of Australia..
icare confirms state workers' comp claims agents
11 November 2019
NSW state insurer icare has reappointed Allianz, EML and QBE and added GIO to provide claims management services for the Treasury Managed Fund workers’ compensation portfolio...
AFCA searches for new ombudsmen
11 November 2019
The Australian Financial Complaints Authority is searching for someone to take up the newly created position of Lead Ombudsman – Systemic Issues and Remediation...
NIBA seeks legal advice on Westpac ruling
04 November 2019
The National Insurance Brokers Association is seeking legal opinion on repercussions from a Federal Court decision that found Westpac subsidiaries breached their licences by offering personal advice to customers...
AFCA forces $185 million in payouts
04 November 2019
Insurers and other financial services providers returned about $185 million to consumers in disputes overseen by the Australian Financial Complaints Authority in its first year of operation...
CTP profits capped at 10% under NSW rules
04 November 2019
Insurer profits from the NSW compulsory third party scheme will be capped at 10%, while losses will be limited under rules confirmed last week...
APRA flags need for extra funding boost
04 November 2019
The Australian Prudential Regulation Authority will probably need an increase of up to 20% in funding to help it take up the reform measures made in an independent capability review...
Victoria tables tougher laws to clip 'phoenix' builders
04 November 2019
The Victorian Government has proposed stiffer laws that it says would clamp down on so-called “phoenix activity” – a term that refers to builders who declare bankruptcy to avoid sanctions for shoddy works before resurfacing as a new business...
NZ consults on mandatory climate risk disclosure
04 November 2019
Public consultation is underway in New Zealand on a proposed regime requiring companies to report their climate-related financial risks...
AFCA appoints COO, customer relations head
04 November 2019
The Australian Financial Complaints Authority has appointed Justin Untersteiner as COO, starting in December...
NZ beefs up financial regulator’s litigation fund
04 November 2019
New Zealand has increased the litigation budget at the Financial Markets Authority as the regulator prepares to oversee a new conduct regime that promises strong penalties for financial institutions which breach their obligations...
RBNZ updates insurer data collection templates
04 November 2019
The Reserve Bank of New Zealand has published new reporting templates for insurers on its data collections webpage...
ICA criticises insurance monitor cost
28 October 2019
The Insurance Council of Australia has questioned the ongoing role of the NSW Emergency Services Levy Monitor, which has cost taxpayers almost $11 million since it was established in 2016...
NZ thinks again on fire levy funding
28 October 2019
New Zealand’s Internal Affairs Department has called for submissions on whether the controversial insurance-based levy to fund fire and emergency services should be replaced by an alternative arrangement...
Queensland MP backs ACCC fix for premium woes
28 October 2019
North Queensland independent MP Jason Costigan has voiced support for controversial measures the competition watchdog has submitted as a way out of the region’s struggle with insurance affordability...
EQC to take over Southern Response claims settlement function
28 October 2019
New Zealand’s Southern Response will wind up its in-house claims settlement function by the end of this year, with remaining claims to be handled by the Earthquake Commission to reduce costs as the number of unresolved Canterbury earthquake cases declines...
NSW to award $600,000 in climate change resilience grants
28 October 2019
The NSW Government is offering $600,000 to communities across the state to reduce the effects of climate change...