NZ central bank prepares for actuary probe
18 March 2019
The Reserve Bank of New Zealand will hold feedback forums next month to prepare for its planned thematic review of the appointed actuary regime…
Regulatory & Government
ICA, NIBA support standard cover overhaul
11 March 2019
Insurers and brokers have supported an overhaul of the standard cover regime as part of measures to assist consumers in buying the most suitable policies…
ASIC eyes travel cover review
11 March 2019
The Australian Securities and Investments Commission is considering a review of travel insurance in response to the level of complaints made by consumers…
Labor vows to create NSW strata commissioner
11 March 2019
NSW Labor says it will appoint a strata commissioner to advocate for apartment owners and residents on building defect issues if it wins the state election…
UK regtech targets Australia
11 March 2019
London-based regtech Recordsure is teaming up with KPMG to offer its suite of artificial intelligence-driven solutions to Australian financial institutions including insurers…
WA picks site for bushfire training facility
11 March 2019
An $18 million bushfire training and research facility serving WA will be built about 72km south of Perth…
Treasury starts claims handling consultation
04 March 2019
A Treasury consultation paper proposes a two-pronged approach to making claims handling subject to Corporations Act requirements for financial services to be delivered efficiently, honestly and fairly…
Actuaries, local government renew mitigation calls
04 March 2019
The Actuaries Institute and Australian Local Government Association have pressed the case for increased mitigation spending in their pre-federal budget submissions, while insurance groups have this year opted out of the process…
ASIC slaps life ban on Sydney broker
04 March 2019
Former Sydney insurance broker James Sheehan has been permanently banned from the financial services industry for cheating clients out of more than $300,000…
Lacrosse payout ‘a game-changer’
04 March 2019
A ruling awarding more than $5.7 million to apartment owners hit by a flammable cladding-fuelled fire has been praised for “holding the [building] industry to account”…
Get tougher on dangerous cladding, UK expert warns
04 March 2019
A leading building engineer says replacing non-compliant cladding on residential properties in Victoria should be a priority…
ASIC to report on fraud investigations
04 March 2019
The Australian Securities and Investments Commission will publish a research report on the way insurers handle suspected fraud, after finding many cases of legitimate claims being investigated…
Disclosure rules require script changes: Clyde & Co
25 February 2019
Personal lines insurers should start looking at changes needed to meet disclosure obligation reforms recommended by the Hayne royal commission, law firm Clyde & Co says…
Frydenberg tells ICA to act on code changes
25 February 2019
Treasurer Josh Frydenberg has called on the Insurance Council of Australia to prioritise code of practice changes recommended by the Hayne royal commission…
Canberra to consult on claims exemption
25 February 2019
A consultation paper on removing the insurance claims handling exemption from the financial service definition is to be released this week as part of the Government’s response to the Hayne royal commission’s recommendations…
ASIC probes royal commission referrals
25 February 2019
The Australian Securities and Investments Commission says it is prioritising 13 referrals made by the Hayne royal commission…
AFCA given more power on legacy complaints
25 February 2019
The Australian Financial Complaints Authority will start reviewing legacy financial complaints dating back to 2008, after the Government extended its remit by 12 months…
APRA to maintain core focus: Byres
25 February 2019
The Australian Prudential Regulation Authority’s primary focus will remain the overall safety and stability of the financial system, despite the extra responsibilities the Hayne royal commission has recommended, Chairman Wayne Byres says…
ASIC applauds whistleblower laws
25 February 2019
The Australian Securities and Investments Commission has welcomed stronger whistleblower laws allowing it to better investigate and prosecute misconduct…
IMF hails APRA industry oversight
25 February 2019
The prudential regulator has welcomed a report by the International Monetary Fund backing its handling of the financial system…