insuranceNEWS.com.au https://www.insurancenews.com.au/ General insurance and financial services news from Australia and around the world en-au admin@insurancenews.com.au Copyright 2021 Passage of Bill progresses Hayne recommendations https://www.insurancenews.com.au/regulatory-government/passage-of-bill-progresses-hayne-recommendations https://www.insurancenews.com.au/regulatory-government/passage-of-bill-progresses-hayne-recommendations Passage of the Financial Sector Reform Bill 2020 through Parliament is a “major step forward” in implementing the recommendations of the Hayne royal commission, the Federal Government says...

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Mon, 14 Dec 2020 13:42:00 +1100
Industry voices reservations over possible reforms to Privacy Act https://www.insurancenews.com.au/regulatory-government/industry-voices-reservations-over-possible-reforms-to-privacy-act https://www.insurancenews.com.au/regulatory-government/industry-voices-reservations-over-possible-reforms-to-privacy-act The insurance industry has cautioned against making changes to the Privacy Act in a submission to an issues paper seeking feedback on whether the scope of the legislation and its enforcement mechanisms remain fit for purpose in the digital age...

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Mon, 14 Dec 2020 13:41:00 +1100
ASIC sets out product law expectations https://www.insurancenews.com.au/regulatory-government/asic-sets-out-product-law-expectations https://www.insurancenews.com.au/regulatory-government/asic-sets-out-product-law-expectations The Australian Securities and Investments Commission has set out its expectations for determining target markets for retail products and distributing them appropriately in a regulatory guide for new laws that aim to drive a consumer-centric approach...

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Mon, 14 Dec 2020 13:41:00 +1100
APRA slices $100 million from Allianz’s extra capital requirement https://www.insurancenews.com.au/regulatory-government/apra-slices-100-million-from-allianzs-extra-capital-requirement https://www.insurancenews.com.au/regulatory-government/apra-slices-100-million-from-allianzs-extra-capital-requirement The Australian Prudential Regulation Authority will reduce a $250 million additional capital requirement applied to Allianz Australia last year to $150 million, saying the insurer has made progress in “addressing issues”...

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Mon, 14 Dec 2020 13:41:00 +1100
COVID spurs megatrends: APRA’s Summerhayes https://www.insurancenews.com.au/regulatory-government/covid-spurs-megatrends-apras-summerhayes https://www.insurancenews.com.au/regulatory-government/covid-spurs-megatrends-apras-summerhayes The COVID-19 outbreak has compressed a decades’ change into a few years and will lead to lasting impacts on the ways insurers do business, Australian Prudential Regulation Authority (APRA) Executive Board Member Geoff Summerhayes says in comments made as his term concludes.

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Mon, 14 Dec 2020 13:38:00 +1100
Pandemic pools ‘could help insurer reputation’ https://www.insurancenews.com.au/regulatory-government/pandemic-pools-could-help-insurer-reputation https://www.insurancenews.com.au/regulatory-government/pandemic-pools-could-help-insurer-reputation Australian Reinsurance Pool Corporation CEO Christopher Wallace says extending the mandate of terrorism pools to pandemics could assist the insurance industry as its reputation is hit by COVID-19 related claim denials...

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Mon, 14 Dec 2020 13:37:00 +1100
Parliament passes new insolvency laws https://www.insurancenews.com.au/regulatory-government/parliament-passes-new-insolvency-laws https://www.insurancenews.com.au/regulatory-government/parliament-passes-new-insolvency-laws Parliament has passed the legislation for new insolvency laws that could potentially impact trade credit insurers...

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Mon, 14 Dec 2020 13:36:00 +1100
Industry wants accreditation scheme for NSW rehab providers https://www.insurancenews.com.au/regulatory-government/industry-wants-accreditation-scheme-for-nsw-rehab-providers https://www.insurancenews.com.au/regulatory-government/industry-wants-accreditation-scheme-for-nsw-rehab-providers The Insurance Council of Australia has proposed an accreditation process for rehabilitation providers in the NSW compulsory third party scheme in a submission to the State Insurance Regulatory Authority...

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Mon, 14 Dec 2020 13:34:00 +1100
Queensland creates homeowner’s guide to bushfire resilience https://www.insurancenews.com.au/regulatory-government/queensland-creates-homeowners-guide-to-bushfire-resilience https://www.insurancenews.com.au/regulatory-government/queensland-creates-homeowners-guide-to-bushfire-resilience The Queensland Government has partnered with CSIRO to develop a guide for improving the bushfire resilience of new and existing homes...

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Mon, 14 Dec 2020 13:30:00 +1100