Youi to pay back $164,000 over sales practices
04 December 2017
Youi will pay $164,000 in compensation for its poor sales behaviour, as CEO Frank Costigan vows to avoid a repeat of the lapses…
Regulatory & Government
Credit hire business ‘misled customers’
04 December 2017
Credit hire company Compass Claims will change its advertising and sales practices after an Australian Competition and Consumer Commission investigation…
Kaikoura, Canterbury dominate as EQC pays $680 million
04 December 2017
New Zealand’s Earthquake Commission (EQC) paid $NZ760.26 million ($687 million) in claim settlements and handling costs in the year to June 30…
ICA welcomes ‘fairer’ NSW CTP scheme
04 December 2017
NSW compulsory third party reforms that took effect last Friday will bring lower average premiums and allow faster payment of claims, the Insurance Council of Australia says…
icare publishes spinal injury guidance
04 December 2017
Insurance & Care NSW has produced the third edition of its guidance on the needs of adults with spinal cord injuries…
NIBA warns of NSW ‘bill shock’ after levy reinstatement
27 November 2017
Property insurance policyholders may experience “bill shock” next year after the NSW Government dropped plans to remove the emergency services levy, the National Insurance Brokers Association says…
Dangerous materials inquiry calls for mandatory recall cover
27 November 2017
Canberra should consider requiring importers and suppliers to hold recall insurance in case they supply materials containing asbestos, the Senate inquiry into non-conforming building products says…
NSW lawyers reject ‘unfair’ CTP regulations
27 November 2017
New compulsory third party regulations that take effect in NSW on Friday will erode the rights of many innocent car crash victims, state Bar Association President Arthur Moses warns…
AAMI pays $43,000 over misleading adverts
27 November 2017
AAMI has paid $43,200 in penalties after the Australian Securities and Investments Commission found it made false or misleading statements in some adverts for home insurance…
ICA supports tough stance on misconduct penalties
27 November 2017
The Insurance Council of Australia has backed plans by the Australian Securities and Investments Commission to strengthen penalties for corporate and financial sector misconduct…
ASIC clarifies limited licensee obligations
27 November 2017
The Australian Securities and Investments Commission has published a “quick guide” on key obligations for limited Australian financial services licensees and their representatives…
ASIC blocks unlicensed prize indemnity providers
27 November 2017
The Australian Securities and Investment Commission has stopped two unlicensed companies in Queensland from selling insurance and providing financial services…
Literacy strategy should target high-risk consumers: ICA
27 November 2017
Disaster-prone communities should be added to the National Financial Literacy Strategy’s list of priority audiences, the Insurance Council of Australia says…
icare moves ahead with new rehab guidelines
27 November 2017
After a 16-month pilot, Insurance & Care NSW has adopted guidelines to help injured people return to work more quickly…
ASIC agrees Dubai fintech co-operation
27 November 2017
Australian fintechs will find it easier to do business in Dubai after the Australian Securities and Investments Commission signed a co-operation agreement with the local regulator…
Sims warns of collusion between price-bots
20 November 2017
Big Data can produce major benefits for consumers but also creates opportunities for collusion, the Australian Competition and Consumer Commission says…
Cladding crisis prompts NSW building product laws
20 November 2017
New legislation in NSW will allow the Commissioner of Fair Trading to stop unsafe building products such as flammable cladding being used…
Large CTP payouts push up ACT claim costs
20 November 2017
Average compulsory third party claims costs in the ACT grew 11% to $132,204 last financial year, partly due to the finalisation of several multimillion-dollar payments…
ICA calls for GST distribution reform
20 November 2017
The Insurance Council of Australia has called for GST reform after a report found current distribution arrangements may discourage the phasing out of insurance taxes…
NIBA not convinced on tougher ASIC powers
20 November 2017
The National Insurance Brokers Association has questioned whether the Australian Securities and Investments Commission really needs greater interventions powers…