Insurance ‘loyalty tax’ rises to 34%, says Fels
22 July 2019
NSW Emergency Services Levy Insurance Monitor Allan Fels says recent research shows that, on average, customers renewing their insurance policy pay 34% more than new customers...
Regulatory & Government
APRA challenged over ‘culture of conformity’
22 July 2019
The Australian Prudential Regulation Authority has been told to end its “culture of conformity” and tackle risks including cultural issues and cyber threats, and to restructure to create insurance, banking and superannuation divisions...
SA government probes motor insurance sector
22 July 2019
The SA Parliament has launched an inquiry into the state motor insurance and car repair industry...
Climate change group ‘needs to be independent’: ICNZ
22 July 2019
The Insurance Council of New Zealand wants the Ardern Government to change its “zero carbon” bill to safeguard the independence and expert advice of the proposed climate change commission...
ICA joins fresh call for building reforms
15 July 2019
The Insurance Council of Australia and four other industry bodies have today issued a joint call on the Federal Government to take a lead on reforming the troubled building industry...
Victoria joins states easing PI conditions for surveyors
15 July 2019
Victoria has moved to allow building surveyors to hold professional indemnity cover with a cladding exclusion...
SIRA consults on new licence conditions
15 July 2019
The State Insurance Regulatory Authority is consulting on its plans for insurers to comply with new rules around claims...
ASIC forces credit insurers to repay consumers
15 July 2019
The 11 lenders providing consumer credit insurance in Australia have been ordered to undertake a large-scale remediation program for more than 300,000 customers...
NSW regulator slugs uninsured businesses
15 July 2019
The NSW State Insurance Regulatory Authority has issued more than 50 fines to employers that don’t have the right workers’ compensation insurance...
Keep disclosure duty on commercial contracts: ICNZ
15 July 2019
The duty-of-disclosure rule should stay for commercial clients, the Insurance Council of New Zealand says, while backing reforms to consumer contracts...
NSW, Queensland relax PI conditions for surveyors
08 July 2019
Building certifiers and surveyors in Queensland and NSW have been granted temporary exemptions to practice with cladding exclusions on their professional indemnity cover...
Hostile investigators ‘kill legitimate car claims’
08 July 2019
The corporate regulator has warned legitimate car insurance claims are being withdrawn due to hostile claims investigation practices...
RBNZ accepts findings of CBL review
08 July 2019
The Reserve Bank of New Zealand has acknowledged being overly lenient in its handling of failed insurer CBL and admits it should have acted more urgently in addressing concerns...
Inquiry targets building industry regulation
08 July 2019
A NSW parliamentary committee will examine insurance arrangements as part of an inquiry into the troubled building industry, with plans to produce a final report by February...
EQC inquiry hears from insurers, consumers
08 July 2019
New Zealand’s Earthquake Commission public inquiry is engaging with insurers to discuss the future of the private market and how insurers can scale up to meet natural disaster costs...
Ex-ACCC legal adviser returns as Commissioner
08 July 2019
Treasurer Josh Frydenberg has appointed Stephen Ridgeway as an Australian Competition and Consumer Commission Commissioner for a term of five years...
ASIC chief flags court action on ‘wrongdoers’
01 July 2019
Insurers that mis-sell products to vulnerable customers will face court after the Australian Securities and Investments Commission (ASIC) warned it will use litigation to crack down on concerning industry practices...
Choice weighs in on ASIC product powers
01 July 2019
Choice wants the Australian Securities and Investments Commission to use its new product intervention powers to curb sales of “outright rip-offs” such as consumer credit insurance, funeral insurance and “tricky” life insurance policies...
Industry rebukes Fels’ fresh ‘loyalty tax’ claims
01 July 2019
The Insurance Council of Australia has rejected NSW Emergency Services Levy Insurance Monitor Allan Fels’ latest claim that premium discounts are a “deceptive loyalty tax” insurers employ to attract new customers...
APRA publishes guidance on cyber security
01 July 2019
The Australian Prudential Regulation Authority has released updated guidance on managing cyber crime and other information security risks...