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Regulatory & Government

Unfair contracts bill open for submissions

13 May 2013

The Federal Government has released draft legislation to add unfair contract terms to the Insurance Contracts Act…

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APRA wants insurers to appoint independent risk officers

13 May 2013

General insurers will have to appoint independent chief risk officers under a new standard proposed by the Australian Prudential Regulation Authority…

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Victoria’s insurance tax revenue to drop $580 million as FSL ends

13 May 2013

The Victorian Government’s insurance tax haul will drop in the next financial year as it removes the fire services levy (FSL) and replaces it with a $610.9 million property tax from July 1…

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Insurers want Queensland workers’ comp opened up

13 May 2013

Insurers argue they can bring competition and innovation to the Queensland workers’ compensation scheme, currently run by a government authority…

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Queensland to change worker definition

13 May 2013

The Queensland Government has introduced a bill to make its definition of “worker” the same as that used by the Australian Taxation Office…

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WA WorkCover rates fall, but premiums rising

13 May 2013

The underlying trend among workers’ compensation premiums in WA is for rises, according to GIO…

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APRA cracks down on conglomerate contagion risk

13 May 2013

Conglomerates – groups whose activities cross more than one industry – will have to perform internal capital adequacy assessments under draft standards proposed by the Australian Prudential Regulation Authority…

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ICA favours NSW greenslips reform

13 May 2013

The Insurance Council of Australia has supported reforms aiming to increase the efficiency and affordability of the NSW compulsory third-party insurance scheme…

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ASIC warns on recruitment processes

13 May 2013

Australian financial services licensees must have “robust” recruitment processes to ensure staff meet required standards, the industry regulator has warned…

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ASIC finds comparison tool ‘potentially misleading’

13 May 2013

Online comparator JustEzi has been forced to remove a car insurance comparison tool after the Australian Securities and Investments Commission found it “potentially misleading”.…

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