ASIC outlines plan for industry supervision
06 November 2017
Insurers’ surveillance and investigation practices will face scrutiny under the Australian Securities and Investments Commission’s business plan for this financial year…
Regulatory & Government
EQC premium increase kicks in
06 November 2017
Premiums charged by New Zealand’s Earthquake Commission have risen by one-third, in line with an increase announced in this year’s budget to help rebuild funds depleted by the Canterbury and Kaikoura catastrophes…
icare tackles ‘inflated prices’ for medical services
06 November 2017
Insurance & Care NSW says new research proves workers’ compensation schemes face “inflated prices” for medical services, with NSW the worst example…
Global scheme aims to enhance actuarial skills
06 November 2017
Three organisations have signed a five-year agreement aimed at enhancing the actuarial skills of supervisory authorities worldwide…
Enforcers seek tougher penalties for insurers
30 October 2017
The Australian Securities and Investments Commission Enforcement Review Taskforce has proposed civil penalties be imposed on insurers in breach of certain obligations under the Insurance Contracts Act…
Government gets $147 million terrorism pool payout
30 October 2017
The Australian Reinsurance Pool Corporation paid the Federal Government $147.5 million in fees and dividends last financial year, its annual report reveals…
Behaviour is key for regulators, Suncorp says
30 October 2017
Financial services businesses need to be proactive in meeting community expectations as regulators sharpen their focus on culture and behaviour, Suncorp executives have told brokers and planners at a summit for intermediaries…
APRA raises expectations on cyber security
30 October 2017
The Australian Prudential Regulation Authority is stepping up its scrutiny of cyber-attack prevention and incident response plans, as the potential threat to areas it oversees increases…
Industry funding to lift regulatory results: ASIC
30 October 2017
The Australian Securities and Investments Commission says the shift to industry funding this year will help improve its performance and encourage accountability in the financial services sector…
ICA supports ASIC car dealer sales proposals
30 October 2017
The Insurance Council of Australia has backed proposed measures to supervise the sale of add-on insurance and warranties at car dealerships…
Treasury calls for feedback on regulation updates
30 October 2017
Treasury wants submissions on updated insurance contract regulations that will take effect next April, when current arrangements expire…
ASIC adds Switzerland to fintech family
30 October 2017
The Australian Securities and Investments Commission and Swiss Financial Market Supervisory Authority have signed a fintech agreement to help innovators operate seamlessly in each country…
New ASIC chief flags focus on culture, trust
23 October 2017
Incoming Australian Securities and Investments Commission Chairman James Shipton intends to work on industry culture and trust when he starts his five-year tenure on February 1…
State eases path to stamp duty exemption
23 October 2017
NSW will remove a requirement for small businesses to provide a written declaration to be eligible for new exemptions from insurance stamp duties…
ICA urges action on medical indemnity programs
23 October 2017
Health Department medical indemnity schemes, set up to facilitate affordable cover, are important and should continue, the Insurance Council of Australia says…
Mortgage cover credit reporting ‘needs review’
23 October 2017
An independent review of the Privacy (Credit Reporting) Code 2014 should include the significance of comprehensive credit reporting to lenders’ mortgage insurance, according to the Insurance Council of Australia…
RBNZ rejects calls for independent review
23 October 2017
The Reserve Bank of New Zealand has dismissed calls for its review of the Insurance (Prudential Supervision) Act 2010 to be carried out by an independent body…
NZ regulator clears path for personalised robo-advice
23 October 2017
After months of consultation, New Zealand’s Financial Markets Authority will use its exemption powers to circumvent laws preventing personalised robo-advice…
ASIC, FMA affirm fintech collaboration
23 October 2017
The Australian Securities and Investments Commission and New Zealand’s Financial Markets Authority have reaffirmed their collaboration on fintech and innovation…
Appointed actuary reforms strengthen industry: APRA
23 October 2017
Proposals for an actuarial advice framework are aimed at strengthening the industry, according to the Australian Prudential Regulation Authority…