Christchurch service resolves 608 claims in first year
14 October 2019
The Greater Christchurch Claims Resolution Service has resolved 608 claims in its first year of operation...
Regulatory & Government
Boards failing to rein in compliance risks: ASIC review
07 October 2019
Financial company managers are operating outside board compliance risk appetites for months and years at a time without serious attempts made to rein them in, an Australian Securities and Investments Commission report has found...
ASIC seeks feedback on add-on reforms
07 October 2019
The Australian Securities and Investments Commission has opened a consultation over a proposal to apply its product intervention power to add-on products sold through car yards...
NSW building reform bill flags insurance requirement for designers
07 October 2019
A registration scheme would be set up for NSW-based design practitioners, who must also be “adequately insured” as part of the state government’s efforts to reform the troubled building industry...
NSW sets PI deadline
07 October 2019
The NSW Government intends to lift the interim measure that allows registered certifiers to hold professional indemnity insurance with conditions...
Council backs AASB submission over new accounting rule
07 October 2019
The Insurance Council of Australia has expressed support for the Australian Accounting Standards Board’s submission over draft changes to a new accounting rule...
icare names excellence award finalists
07 October 2019
Insurance & Care NSW has announced the contenders for its Care and Service Excellence Awards...
APRA creates insurance division in shake-up
07 October 2019
The Australian Prudential Regulation Authority has created a separate insurance division to be led by Brandon Khoo as part of a shake-up of the regulator’s structure following the Hayne royal commission...
FMA appoints ex-UK Treasury official as insurance director
07 October 2019
Former UK Treasury deputy director Clare Bolingford will start in January as the Financial Markets Authority Director of Banking and Insurance...
QBE, Genworth warn home-buyer scheme must not crowd out LMI
30 September 2019
QBE and Genworth say the Federal Government must ensure its first home buyers assistance scheme doesn’t crowd out private providers of lenders mortgage insurance...
ICA seeks transparency on APRA levies
30 September 2019
Australian Prudential Regulation Authority industry levy calculations and details about how they will be used should be more transparent given the costs involved, the Insurance Council of Australia says...
APRA consults on new accounting rule integration
30 September 2019
The Australian Prudential Regulation Authority is seeking feedback on its proposals for integrating a new accounting standard into insurers’ prudential framework...
Cladding sparks code amendment
30 September 2019
The Australian Building Codes Board will amend the National Construction Code to address issues related to flammable cladding...
EQC inquiry hears mixed reports on Kaikoura response
30 September 2019
Claims handling by insurance companies after the Kaikoura earthquake has received a mixed assessment in presentations to the New Zealand Earthquake Commission inquiry...
NZ plans to outlaw sales incentives
30 September 2019
New financial services legislation will be unveiled in New Zealand soon to ban incentives such as overseas trips and bonuses that are tied to sales targets...
Pay system revamp on the cards as Hayne reforms loom
23 September 2019
Actuarial consultant Finity believes insurers may have to start reviewing existing remuneration schemes before the reforms recommended by the Hayne royal commission begin in 2021 as expected...
Hawking crackdown shouldn’t prevent 'useful discussions': ICA
23 September 2019
Calls from the Australian Financial Complaints Authority for a ban on all unsolicited sales of financial products have sparked a response on hawking reform from the Insurance Council of Australia...
SIRA in push for workers' comp transparency
23 September 2019
The NSW State Insurance Regulatory Authority says it will “be more proactive” in publishing details of workers’ compensation scheme and insurer performance, following transparency recommendations made by the Hayne royal commission...
Warragamba Dam raising impact 'misunderstood'
23 September 2019
The Insurance Council of Australia says a proposed increase in the Warragamba Dam’s capacity would only be used for flood control, and opponents of a wall-raising project may be over-estimating upstream impacts...
Flood risk reduced as Roma finishes mitigation works
23 September 2019
The flood risk for more than 500 properties in Roma has been downgraded after the completion of an $8.3 million mitigation project in the south-western Queensland town...