ACCC makes financial services competition a priority
26 February 2018
The Australian Competition and Consumer Commission will enhance its focus on financial services this year following the Productivity Commission’s draft report on the sector…
Regulatory & Government
NZ regulator invites robo-advice applications
26 February 2018
New Zealand’s Financial Markets Authority has begun taking applications for permission to offer robo-advice through digital tools and platforms…
Care costs blowout hits ICWA
26 February 2018
The Insurance Commission of WA says higher than expected costs of care are to blame for an underwriting loss in its Motor Vehicle Fund, which backs the state’s Catastrophic Injuries Support program…
Shipton flags talks on ASIC ‘toolkit’
19 February 2018
Australian Securities and Investments Commission Chairman James Shipton has highlighted the importance of the regulator’s work on misconduct issues, in his first appearance before the Parliamentary Joint Committee on Corporations and Financial Services…
Data breach reporting regime starts this week
19 February 2018
New data security laws come into effect on Thursday, making it mandatory for companies with an annual turnover of at least $3 million to report breaches to affected individuals…
Distribution draft bill ‘may harm consumers’
19 February 2018
Product design and distribution draft legislation is poorly designed for insurance and may disadvantage consumers and brokers, according to industry submissions…
Canberra lifts AFCA payout caps
19 February 2018
Brokers have had the compensation cap for disputes raised from $174,000 to $250,000 by the new Australian Financial Complaints Authority…
WA plans new workers’ comp legislation
19 February 2018
The WA Government has approved a draft bill to modernise its workers’ compensation legislation…
ICWA opens neurotrauma research grants
19 February 2018
Applications are open for two Insurance Commission of Western Australia neurotrauma research grants worth $100,000 each…
Brands give illusion of competition, commission says
12 February 2018
A proliferation of brands from a few providers is camouflaging a high insurance market concentration in Australia, according to a Productivity Commission draft report…
Royal commission receives insurance submissions as work starts
12 February 2018
The royal commission on financial services misconduct says 6% of public submissions received to date relate to general insurance…
NSW helps homeowners search for home cover
12 February 2018
The NSW Government has produced an online tool allowing homeowners to independently check if their building or renovation works have valid insurance certificates…
Construction code changes planned
12 February 2018
The Australian Building Codes Board is seeking feedback on proposed changes to the National Construction Code 2019…
WA budgets $1.4 million for bushfire risks
12 February 2018
The WA Government has allocated $1.47 million to managing bushfire risks under its new $15 million Mitigation Activity Fund…
APRA flags news on actuarial changes
05 February 2018
Proposed changes to the role of appointed actuaries in insurance will be finalised in the first half of this year, the Australian Prudential Regulation Authority says in a paper outlining its policy priorities this year…
ICA seeks more time on actuary changes
05 February 2018
The Insurance Council of Australia says members may need more time to adjust to new regulatory standards covering appointed actuaries…
NSW opens home building cover to private insurers
05 February 2018
Private insurers can now provide protection for NSW homeowners against incomplete and defective construction work, under changes to the Home Building Compensation Fund program…
icare revamps self-insurance operation
05 February 2018
Insurance & Care NSW has renamed its government agencies self-insurance service, as it proceeds with a three-year strategy to improve its offering…
ICA wants exemption from national security drive
05 February 2018
The Insurance Council of Australia has asked to be exempted from the Foreign Influence Transparency Scheme, which is part of the Turnbull Government’s crackdown on espionage and other activities that jeopardise national security…
icare backs support scheme for injured workers
05 February 2018
Craig’s Table, a social enterprise to help injured workers return to employment, will open in western Sydney this month after the icare Foundation provided seed funding of $500,000…