EQC pledges improved response after failings
18 November 2019
New Zealand’s Earthquake Commission says it is continuing to overhaul its operating model following failures identified after the devastating Canterbury earthquakes...
Regulatory & Government
Court ruling highlights owner-builder risks
18 November 2019
A WA court ruling has highlighted the insurance obligations of owner-builders if they sell their property within seven years of receiving a permit, the state’s regulator says...
WorkCover WA announces new CEO, claims drop stabilising
18 November 2019
WorkCover WA has appointed Chris White as CEO for five years. His term started last week...
AFCA tool puts insurers under claims spotlight
11 November 2019
The Australian Financial Complaints Authority will update publicly released data twice a year that identifies individual insurers as it aims to boost performance through increased transparency...
Financial sector 'falling behind' on cyber security standards
11 November 2019
There have been 36 notifications of cyber breaches in the four months since the Australian Prudential Regulation Authority’s cyber-security information standard was implemented, the regulator says...
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...
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...