O’Dwyer names first AFCA Chairman
05 March 2018
Former assistant treasurer Helen Coonan has been named chairman of the Australian Financial Complaints Authority…
Regulatory & Government
Royal commission adds to counsel team
05 March 2018
The royal commission on financial services has appointed Michael Hodge and Albert Dinelli as counsels assisting…
EQC chief quits over outstanding claims
26 February 2018
Earthquake Commission Chairman Maarten Wevers has resigned after the New Zealand Government stepped in over 2600 unresolved Canterbury quake claims…
Terrorism pool expands retrocession cover
26 February 2018
The Australian Reinsurance Pool Corporation has set its retrocession program for this year at $3.065 billion, up from $3 billion last year…
Notifiable data breaches regime kicks in
26 February 2018
Data breaches must be reported by companies with at least $3 million in annual turnover under new regulations that took effect last Thursday…
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…
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…