State calls for feedback on builders’ cover
19 February 2024
Authorities in SA are seeking views on the challenges faced by brokers and the broking distribution system under the state’s troubled builders’ warranty insurance model...
Regulatory & Government
Queensland joins switch to national truck regulator
19 February 2024
Queensland is the latest state to transfer heavy vehicle regulation to the national watchdog, joining NSW, South Australia, Victoria, Tasmania and the ACT...
Flood-proof homes deal ‘signals progress in Lismore rebuild’
12 February 2024
More than 400 flood-proof homes will be built in Lismore under a deal between Southern Cross University and the NSW reconstruction agency...
ICA seeks international alignment on climate reporting
12 February 2024
Australia’s climate-related financial disclosure should align as much as possible with global standards, the Insurance Council of Australia says in a submission on draft legislation...
Canberra commits $92 million to Queensland resilience
12 February 2024
The Federal Government will invest $91.8 million in disaster recovery and resilience for Queensland communities...
icare board adds workers’ rep under shake-up
12 February 2024
Unions NSW Secretary Mark Morey has been appointed to the icare board as an employee representative after a reform last year requiring inclusion of two directors nominated by worker and business bodies...
ICA wants home buy-back fund included in budget
05 February 2024
The Federal Government should provide $250 million a year to pay for buy-back and home-raising projects, the Insurance Council of Australia says...
Auto & General Insurance told to fix risk management issues
05 February 2024
Budget Direct owner Auto & General Insurance has engaged an independent expert to review its risk management processes after the regulator uncovered “significant” weaknesses...
NZ court fines CBL and directors millions over breaches
05 February 2024
New Zealand’s High Court has ordered CBL Corporation and four of its former directors to pay penalties for continuous disclosure and misleading conduct breaches that happened before the company was placed in liquidation...
Watchdog sees ‘promising findings’ in NSW strata survey
05 February 2024
Building Commission NSW has backed recent construction industry reforms despite a new survey finding more than half of strata buildings in the state have serious defects...
Law reform body sets out vision for financial services overhaul
05 February 2024
The Australian Law Reform Commission has proposed a shake-up of financial services laws it says are convoluted, a “tangled mess”, costly to comply with and unnecessarily difficult to enforce...
SIRA claws back $183 million of CTP insurers’ profit
05 February 2024
The NSW State Insurance Regulatory Authority has clawed back $183.1 million in excess profit from compulsory third party insurers following an annual assessment...
APRA targets affordability issue
05 February 2024
The Australian Prudential Regulation Authority has provided an interim update on its supervision and policy priorities for the first six months of the year...
NRMA Insurance rebuked over CTP payment delays
05 February 2024
The NSW regulator has censured IAG’s NRMA Insurance over delays starting weekly benefit payments on four compulsory third party claims...
Transport manager jailed in ‘groundbreaking’ case after police deaths
05 February 2024
A transport company’s national operations manager has been found guilty of a category 1 Heavy Vehicle National Law offence for the first time in Australia...
APRA ditches obsolete risk management guides
05 February 2024
The Australian Prudential Regulation Authority has retired two outdated practice guides on risk management frameworks for general and life insurers...
Last resort scheme sets total for first industry levy
05 February 2024
The Compensation Scheme of Last Resort board says major insurers and banking groups will pay $241 million under its first levy, as it outlines estimated funding for the program...
ESL reforms: NSW Government holds first-round meeting
18 December 2023
The NSW Government held meetings last week with representatives from the insurance industry, and also with the property and retail sectors, to follow up on last month’s announcement to reform the state’s Emergency Services Levy funding arrangements...
Unnecessary throw outs affecting flood recovery: restorers
18 December 2023
The disposal of home building materials and contents that could have been kept after floods has led to people living in temporary accommodation unnecessarily and has driven up claims costs, the Restoration Industry Association of Australasia says...
Competition tribunal concludes Suncorp Bank sale hearing
18 December 2023
The Australian Competition Tribunal has concluded a two-week appeal hearing into whether the $4.9 billion sale of Suncorp Bank to ANZ should go ahead...