ASIC acts on AR double-ups
13 May 2019
The Australian Securities and Investments Commission has revoked financial service licensee authorisations in 58 cases where duplications have breached the law and created risks for clients…
Regulatory & Government
NSW’s 50% insurance tax ‘obscene’
13 May 2019
A tax burden of more than 50% on NSW insurance policies is “obscene”, according to an industry figure who has campaigned against taxes in insurance for more than 20 years…
Industry-run code can be change enabler, Finity says
13 May 2019
Actuarial consultant Finity says the updated insurance industry code of practice could be a “focal point for change” if the right approach is taken…
Greens set out solution to cladding ‘emergency’
13 May 2019
The Greens have urged Canberra to adopt the political party’s five-point plan to address the flammable cladding crisis…
Thousands of Qld buildings cleared in cladding probe
13 May 2019
The Queensland Government has cleared nearly 14,000 private buildings of cladding issues…
WA spends on bushfire mitigation
13 May 2019
The WA Government has allocated $13 million for bushfire mitigation in this year’s budget, as part of nearly $26 million provided to the Department of Fire and Emergency Services…
NZ insurers support zero-carbon move
13 May 2019
The Insurance Council of New Zealand has backed the Government’s ambitious bid to make the nation carbon neutral by 2050…
NZ’s fire levy impost passed until 2024
13 May 2019
New Zealand has passed legislation to temporarily continue an insurance-based levy that funds fire and emergency services while a review of the arrangements takes place…
Consumer groups back call for broker commissions ban
06 May 2019
Consumer groups have backed the Australian Competition and Consumer Commission’s call for an immediate end to the commission-based remuneration model for insurance brokers…
Hayne reforms a ‘game-changer’: Whelan
06 May 2019
“Game-changing” reforms following the Hayne royal commission cannot fail to affect the general insurance industry, the Insurance Council of Australia warns…
Victoria acts on silica cutting risk
06 May 2019
Victoria will impose a ban on “uncontrolled” dry cutting of material containing crystalline silica and a compliance code for businesses involved with the dangerous substance…
APRA revises prudential standards
06 May 2019
The Australian Prudential Regulation Authority has revised prudential standards following introduction of the cross-industry Prudential Standard CPS 320 Actuarial and Related Matters…
WA commission funds recovery research program
06 May 2019
The Insurance Commission of WA has contributed $200,000 to a program of research into recovery from serious vehicle or workplace injuries…
ICA paves way for rethink on ‘actions of the sea’
29 April 2019
The Insurance Council of Australia is willing to work on a definition for “actions of the sea” that could be legislated, but says differences in other home cover terms are likely less significant…
Call to raise AFCA payout cap to $2 million
29 April 2019
Compensation caps for insurance, credit and advice disputes heard through the Australian Financial Complaints Authority should be increased to $2 million, a Senate committee has recommended…
NZ reviews unfair contract terms
29 April 2019
New Zealand is considering ending insurance exemptions from unfair contract terms laws and encouraging comparison websites as part of legal framework changes…
EML grows workers’ comp team
29 April 2019
EML has opened an office in the thriving North Sydney business precinct of Chatswood as it grows its NSW workers’ compensation team…
Businesses pay high price as scammers set record
29 April 2019
Australian businesses lost $60 million through scams last year, according to the Australian Competition and Consumer Commission…
NZ consults on builders’ warranty cover
29 April 2019
Major changes to New Zealand’s building laws are being considered, including requiring builders to offer insurance to homeowners…
‘Less patient’ APRA adopts tougher stance
29 April 2019
The Australian Prudential Regulation Authority will be “less patient” with financial services groups – including insurers – that refuse to co-operate with it…