Last resort payout scheme launches after long wait
08 April 2024
The Compensation Scheme of Last Resort has begun operations, ending a near-seven-year process to launch the body...
Regulatory & Government
NSW funds insurer’s young driver safety study
08 April 2024
The NSW Government has helped fund Suncorp and the University of Melbourne’s research into young driver behaviour and road accident risk...
Pet insurer warned over broken discount promises
08 April 2024
New Zealand’s Financial Markets Authority has issued a warning to Southern Cross Pet Insurance for breaking discount promises to thousands of customers...
Regulator checks up on climate risk management
08 April 2024
The Australian Prudential Regulation Authority will hold a voluntary climate risk self-assessment survey as part of its supervision of the ways businesses are managing the threat...
Court dismisses unfair contract term proceedings against insurer
25 March 2024
Auto & General has prevailed in proceedings launched by the corporate watchdog over a contract term requiring home and contents policyholders to inform the insurer of any changes to insured properties...
Operational risk management reform looming: Xceedance
25 March 2024
Consulting firm Xceedance says insurers should be planning now for the introduction of key regulatory reforms including a new operational risk management standard...
NSW panel holds first meeting on ESL reform
25 March 2024
The NSW Government has held initial meetings with a newly formed expert panel to discuss models to replace the Emergency Services Levy...
IAIS seeks feedback on third climate risk consultation
25 March 2024
The International Association of Insurance Supervisors has launched a third consultation as part of work to promote a globally consistent approach to climate-related risks...
EML videos explain workers’ compensation claims process
25 March 2024
EML Group has produced a series of videos to help employers understand the claims process...
New WA workers’ compensation laws start in July
25 March 2024
The revamped WA workers’ compensation regime will start on July 1 after the state’s parliament passed the reforms last year...
Standardised definitions ‘won’t solve everything’
18 March 2024
Standardised definitions of natural hazard terms could reduce confusion, but won’t solve all coverage and claims issues, Treasury has warned a Federal Government Inquiry into insurers’ responses to the 2022 floods...
‘Take ownership of challenges’: APRA urges industry to step up
18 March 2024
The Australian Prudential Regulation Authority has urged insurers to “take ownership” of the raft of challenges facing the industry, saying the actions they take are key to the future of their sector...
Hazards partnership plans for year of progress
18 March 2024
The Hazards Insurance Partnership of government and industry representatives has set out its focus areas for this year...
New Zealand to consult insurers on climate adaptation
18 March 2024
New Zealand’s government is working on a Climate Adaptation Framework and plans to invite input from insurers and banks later this year, Small Business and Manufacturing Minister Andrew Bayly says...
Regulators seek submissions on Financial Accountability Regime
18 March 2024
The prudential and corporate regulators have released a consultation paper on proposed Financial Accountability Regime rules and draft key descriptions for insurance and superannuation entities...
Canberra seeks input on climate change response
18 March 2024
The Federal Government has released a National Climate Risk Assessment and is seeking feedback as it prepares to develop an adaptation blueprint...
AFCA to make rule changes from July
18 March 2024
The Australian Financial Complaints Authority will implement updated rules and operational guidelines in July to give it more clarity and capacity to manage disputes...
Watchdog places order on steel maker’s self-insurance
18 March 2024
The NSW State Insurance Regulatory Authority has imposed special licence conditions on steel manufacturer Liberty Holdings Australia’s workers’ compensation self-insurance licence, amid concerns about its practices...
Treasury flags revised standard cover regime
11 March 2024
Federal Treasury has proposed restricting the standard cover regime to home building insurance only and mandating that insurers offer a baseline level of policyholder protection...
Swiss Re, Treasury, Lloyd’s to appear at floods inquiry
11 March 2024
The Federal Parliamentary inquiry into insurers’ responses to the 2022 floods has scheduled a full-day hearing for this Friday, with industry and government executives set to appear...