WA builder fined over insurance breach
10 February 2025
A Perth builder that started work on a house without acquiring mandatory home indemnity insurance has been fined $3500 and ordered to pay $736 in costs....
Regulatory & Government
Workers’ comp self-insurer rapped over compliance issues
10 February 2025
NSW’s State Insurance Regulatory Authority has placed special conditions on a property business’ workers’ compensation self-insurer licence after an audit found compliance and claims management issues...
Industry lauds outgoing minister Jones
03 February 2025
The insurance industry has hailed Assistant Treasurer and Financial Services Minister Stephen Jones, who announced last week he will not stand for re-election...
New icare chief ‘perfectly placed’ to continue reform
03 February 2025
icare says its new CEO will boost the NSW state insurer “as it continues to implement change that leads to better community outcomes”...
NZ industry welcomes national climate adaptation plan
03 February 2025
The Insurance Council of New Zealand has praised the government’s commitment to proposing a new climate adaptation framework this year...
Compo scheme under review, funding shortfall projected
03 February 2025
A Treasury review of the industry-funded Compensation Scheme of Last Resort has started, less than 12 months after the redress program launched last April...
NZ confirms emergency levy regulation
03 February 2025
The New Zealand government has finalised regulations for insurance levy funding of fire and emergency services from July next year...
Watchdog eyes stock trades by two Steadfast staff
16 December 2024
The Australian Securities and Investments Commission has sought information from Steadfast in connection with trading in the company’s shares by two employees...
ASIC cuts cost-recovery levies after running numbers
16 December 2024
The Australian Securities and Investments Commission says regulatory costs to be recovered through funding levies for last financial year will be less than previously estimated...
NZ injury scheme reviewed after ‘decade of decline’
16 December 2024
The New Zealand government has ordered an independent review of the Accident Compensation Corporation amid concerns about declining rehabilitation rates and increasing costs, and says levies will rise over the next three years...
Jasper recovery efforts gain $200 million injection
16 December 2024
The federal and Queensland governments will provide more than $206 million to help communities hit by Ex-Cyclone Jasper last summer, in a package that includes funds to boost resilience...
ASIC finds flaws in complaints management culture
09 December 2024
The Australian Securities and Investments Commission says an improvement in complaints handling culture is needed to address insurer failings in responding to dissatisfied customers...
Industry weighs ‘implications’ of advice shake-up
09 December 2024
The federal government’s latest advice reforms, including a plan to let insurers give “simple” guidance, should lead to better consumer outcomes, according to the Insurance Council of Australia...
APRA to publish insurers’ 2050 affordability projections
09 December 2024
The nation’s biggest insurers are modelling premium affordability under different climate scenarios for the prudential regulator...
AFCA hails ‘mature’ status as review process closes
09 December 2024
The Australian Financial Complaints Authority says it has completed a three-year program to deliver on 13 recommendations made in an independent review of its operations...
New construction watchdog aims to build on ‘momentum shift’
09 December 2024
NSW’s new building commissioner says further reforms are a priority as he begins his tenure...
Parliament passes merger law overhaul
02 December 2024
The federal parliament has passed merger law reforms that require the competition watchdog to be notified of all deals above a certain transaction threshold...
No let-up in builder claims pressure as insolvencies surge
02 December 2024
The State Insurance Regulatory Authority says claims pressure on the NSW builders’ warranty scheme will persist as the construction industry grapples with rising costs and labour shortages...
Builder fined over fake insurance documents
02 December 2024
A WA construction business has been fined $5000 for producing a false home indemnity insurance certificate when applying for a building permit...
Insurers told to learn from banks on accountability overhaul
02 December 2024
Regulators have urged insurers to note possible gaps in the way banks have handled the introduction of the Financial Accountability Regime...