SA names cladding response overseer
28 October 2019
The SA Government has appointed Wendy Campana as Cladding Response Co-ordinator to oversee the remediation works of affected buildings...
Regulatory & Government
ASIC suspends licence, finds indemnity insurance inadequate
28 October 2019
ASIC has suspended the Australian financial services licence of KP International Group Australia, saying exclusions in its professional indemnity insurance cover did not meet minimum adequacy requirements...
'The age of disclosure is over'
21 October 2019
Financial services product disclosure laws have failed to protect consumers as intended, a study by the Australian Securities and Investments Commission has found...
Insurers fear 'consumer detriment' from draft product laws
21 October 2019
The Insurance Council of Australia has submitted proposals to avert “significant consumer detriment” it believes could arise from the draft Product Design and Distribution Obligations Regulations...
New accounting rule 'gives more transparency': EY
21 October 2019
More financial details over how an insurer performed can be expected when the International Accounting Standards Board’s new IFRS 17 rule kicks in, according to global audit firm EY...
NSW councils declare climate emergency
21 October 2019
Local councils in NSW have voted to declare a climate emergency and will urge state and federal governments to develop climate risk standards, such as providing more renewable energy for all new infrastructure and property projects...
Consultation opens on draft privacy rules
21 October 2019
The Office of the Australian Information Commissioner is seeking feedback over its draft Privacy Safeguard Guidelines...
NSW draft building bill may keep out insurers: ICA
21 October 2019
The Insurance Council of Australia says the NSW Government’s draft Design and Building Practitioners bill may not ease the insurance problem facing the construction industry...
Victoria promises to pursue dodgy builders
21 October 2019
The Victorian Government has pledged to chase “dodgy building practitioners” through the courts on behalf of owners of apartments covered in combustible cladding...
icare aims to improve return to work rates
21 October 2019
NSW state insurer icare has pledged to work closely with partners to improve return to work under its workers’ compensation scheme...
ASIC enforcement action jumps
21 October 2019
Enforcement action by the Australian Securities and Investments Commission was “significantly increased and accelerated” in the 2019 fiscal year, the regulator reveals in its latest annual report...
Insurance not ‘quasi-regulator’ of building standards: NIBA
14 October 2019
Sub-par building quality is the culprit behind the construction industry’s professional indemnity crisis, and governments must focus on the issue...
icare pledges to listen after appointing customer advocate
14 October 2019
NSW state insurer icare has appointed an independent customer advocate to engage with customers and stakeholders to understand workers’ compensation scheme concerns...
Senator pushes for action on premium woes
14 October 2019
Queensland Senator Nita Green has called on the Federal Government to act on the long-running insurance problem besetting northern Australia by adopting controversial measures proposed by the Australian Competition and Consumer Commission...
Insurers welcome quad bike safety move
14 October 2019
QBE and IAG have welcomed moves by the Federal Government to require quad bikes to meet minimum safety standards...
ICA urges rethink of add-on sales deferment model
14 October 2019
The Insurance Council of Australia has voiced concerns “beneficial insurance products” could be forced to observe the four-day pause period Treasury intends to apply to all add-ons available to consumers...
SA orders cladding repairs for risky buildings
14 October 2019
A SA Government cladding audit of buildings has identified 28 private residential blocks in urgent need of remediation works...
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...
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...