Modernise or suffer, general insurers told
02 September 2019
Outmoded business models may expose the general insurance industry to viability issues over the medium term, the Australian Prudential Regulation Authority warns...
Regulatory & Government
APRA will show ‘little patience’ towards laggards
02 September 2019
Australian Prudential Regulation Authority Chairman Wayne Byres has warned companies will be given less leeway as it takes a more demanding approach...
SIRA keen to hear from work-related hearing loss claimants
02 September 2019
The State Insurance Regulatory Authority is inviting people and organisations in NSW who have been directly involved in the process of claiming for work-related hearing loss to provide feedback via an online form...
APRA proposals don’t reflect insurance operations, ICA says
26 August 2019
Insurers say the proposed regulation of product responsibility is based on a definition that doesn’t reflect the way they operate...
Insurers need more help to identify problems in IDR changes
26 August 2019
The corporate regulator needs to make it easier for insurers to identify complaints trends and issues as part of changes to the internal dispute resolution scheme, a consumer group says...
SA senator keen to revive cladding ban bill
26 August 2019
Centre Alliance SA Senator Rex Patrick has announced plans to reintroduce a bill to ban the entry of flammable cladding materials into the country when Parliament resumes...
Victorian surveyor suspended over combustible cladding
26 August 2019
The Victorian Building Authority has suspended a surveyor who was found to have approved the installation of combustible cladding on the external wall of a building in the state...
APRA releases final ‘fit and proper’ test rules for insurers
26 August 2019
The Australian Prudential Regulation Authority has released its final revised Financial Sector rules, or FSSA rules, providing clarity to new general and life insurance entrants on whether they are likely to be approved under a new "fit and proper" test...
Treasurer puts industry ‘on notice’ as reforms roll out
19 August 2019
Insurance is squarely in the Federal Government’s sights, with Treasurer Josh Frydenberg setting out a schedule to rapidly introduce Hayne royal commission reforms...
Treasury to review timing of documentation for levies
19 August 2019
The Australian Prudential Regulation Authority may be open to changing the release date of the Cost Recovery Impact Statement that accompanies the annual supervisory funding levy consultations...
Insurance a priority in ASIC’s new corporate plan
19 August 2019
“Addressing harms in insurance” is one of seven top strategic priorities listed in the Australian Securities and Investments Commission’s (ASIC’s) new Corporate Plan, to be published at the end of the month...
APRA uses funds to recruit 150
19 August 2019
The Australian Prudential Regulation Authority is trying to boost its staff numbers by up to 150 people with additional funding provided by the Federal Government...
Home checks still needed in quake-hit region, ICNZ says
19 August 2019
The Insurance Council of New Zealand has warned property buyers in earthquake-affected Christchurch and surrounding areas to check carefully before buying homes...
ASIC updates climate change guidance
19 August 2019
The Australian Securities and Investments Commission has updated its guidance for climate change-related disclosure...
Transport ministers seek CTP cover for automated vehicles
19 August 2019
Compulsory third party insurance schemes across Australia should be amended to cover automated vehicles, Australia’s transport ministers agreed at a meeting in Adelaide earlier this month...
ARPC creates general counsel role
19 August 2019
The Australian Reinsurance Pool Corporation has promoted Janice Nand to a new position of General Counsel on its senior executive team...
SIRA consults on minor injury provisions
19 August 2019
The State Insurance Regulatory Authority is reviewing the “minor injury” provisions contained in the Motor Accident Injuries Act, which underpins the no-fault compulsory third party scheme launched in 2017...
New approach for NZ financial regulators
19 August 2019
The New Zealand Council of Financial Regulators is establishing a new vision to better coordinate financial system regulation and more effectively recognise the specific responsibilities of its member agencies...
Stronger codes vital, says APRA chief
12 August 2019
Stronger industry codes of practice are needed to improve financial services’ self-regulation following recent failures, Australian Prudential Regulation Authority Chairman Wayne Byres says...
‘Significant building reform’ needed to restore insurers’ confidence
12 August 2019
Insurers won’t consider offering unrestricted products in the building industry professional indemnity market until confidence in the sector is restored, Insurance Council of Australia says...