Insurers told to fix their financial recovery plans
23 September 2019
Insurers need to remedy their recovery planning significantly before they are judged to have credible plans in place, the Australian Prudential Regulation Authority says...
Regulatory & Government
Building authority 'determined' to hold engineer to account
23 September 2019
The Victorian Building Authority will not halt its bid to pursue a disciplinary process against engineer Bruce Thomas, who worked on a high-rise apartment building that caught fire in February...
ARPC appoints chief operating officer
23 September 2019
The Australian Reinsurance Pool Corporation has appointed Helen Williams as COO...
ICA warns against ‘quick solutions’ for northern Australia
16 September 2019
A Government-backed reinsurance pool or insurance mutual would provide only marginal premium relief – if any – for the north of Australia, the Insurance Council of Australia says in a submission...
ICA calls for claims competition in NSW workers' comp
16 September 2019
The Insurance Council of Australia has urged greater competition in icare’s claims management, as an independent review into the NSW workers’ compensation scheme continues...
Contract terms reforms put onus on insurers
16 September 2019
Insurers will need to give close consideration to the policy terms they include in standard form contracts when unfair contract terms laws are extended to the sector, law firm Clyde & Co says...
Proposed add-on selling rules tackle 'halo effect'
16 September 2019
An enforced four-day pause in the sale of add-on insurance would allow time for a purchasing “halo-effect” to fade, Treasury says in a consultation paper on proposed new rules...
Draft product regulations fail to address ICA concerns
16 September 2019
Draft regulations for financial product design and distribution obligations have not addressed Insurance Council of Australia concerns over how the rules will apply when policies are renewed...
Consultation begins on new ASIC powers
16 September 2019
Treasury is seeking feedback on its draft legislation that would expand the supervisory powers of the Australian Securities and Investments Commission...
AFCA targets insurers in national tour
16 September 2019
The Australian Financial Complaints Authority is kicking off a six-month roadshow aimed at addressing Australians’ lack of awareness on how to resolve a dispute with insurers and other financial firms...
Suncorp warns against Queensland cyclone pool plan
09 September 2019
Creating a government-backed cyclone insurance pool for northern Queensland could worsen problems at the expense of taxpayers, Suncorp says in a submission to the Australian Competition and Consumer Commission..
Hundreds of NSW buildings ‘still need cladding assessment’
09 September 2019
NSW Better Regulation Minister Kevin Anderson says 553 NSW buildings still require detailed assessment over flammable cladding concerns...
Victoria introduces dry cutting ban to mitigate dust risk
09 September 2019
A ban on “uncontrolled” dry-cutting of material containing crystalline silica is now in effect in Victoria as the state government ramps up efforts to protect workers from deadly exposure...
ICA backs credit reporting changes
09 September 2019
The proposed mandatory comprehensive credit reporting regime will help lenders’ mortgage insurers improve risk pricing, the Insurance Council of Australia says in a submission to Treasury...
icare signs up for cloud-based cyber security
09 September 2019
Insurance & Care NSW has contracted UK communications provider BT to protect its customer data and business operations from cyber threats...
Consumer groups push for more unfair contract terms reforms
02 September 2019
A coalition of consumer advocates wants the Government to take further its unfair contract terms (UCT) reform agenda for the insurance industry...
ICA seeks two-year transition for unfair contracts changes
02 September 2019
The Insurance Council of Australia says a two-year transition will be needed to prepare for the extension of unfair contract term laws to the sector...
AFCA offers to help ASIC on product intervention
02 September 2019
The Australian Financial Complaints Authority has offered to assist in the use of a tough new product intervention power that aims to prevent consumer harm...
Consumer groups applaud plan to ban unsolicited CCI phone sales
02 September 2019
Two consumer law firms have wholeheartedly backed plans by the corporate regulator to ban unsolicited telephone sales of direct life insurance and consumer credit insurance...
Allianz keeps processes under review after CCI failure
02 September 2019
Allianz Australia will regularly review its products and processes after agreeing to refund more than $8 million to purchasers of consumer credit insurance products that offered little value...