ACT passes revamped CTP laws
20 May 2019
The ACT’s no-fault compulsory third party reforms will begin next February, after the Legislative Assembly passed legislation last week…
Regulatory & Government
Data breach figures show need for staff training
20 May 2019
Companies must improve employee training and deploy better technology to prevent data breaches, according to the Office of the Australian Information Commissioner…
ASIC warns on timings for licence changes
20 May 2019
The Australian Securities and Investments Commission has told licensees to factor in the time it may take to assess applications to cancel or vary their licences as part of any measures taken to reduce levies…
NZ central bank begins actuary review
20 May 2019
The Reserve Bank of New Zealand has selected 15 insurers to take part in its review of the appointed actuary regime…
Industry seeks clarity on Morrison’s mortgage policy
13 May 2019
Insurers haven’t been consulted by the Coalition government on its $500 million first-home deposit plan, which Prime Minister Scott Morrison says would eliminate the need for lenders’ mortgage insurance…
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…
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…