Regulatory & Government
APRA industry performance reports to resume
22 July 2024
The Australian Prudential Regulation Authority’s quarterly industry performance reports will return next month in an “enhanced” format including data for the September and December quarters of last year and the first three months of this one...
DDO breach rulings against non-insurers have relevance for industry
22 July 2024
Two Federal Court decisions handed down this month over design and distribution obligations (DDO) breaches by non-bank lender Firstmac and American Express have relevance for the insurance industry, McCabes principal Mathew Kaley says...
Victoria strengthens e-scooter laws
22 July 2024
The Victorian government will introduce new e-scooter regulations in October when the hire transport operations become permanent following a two-year trial...
AFCA boosts parental leave program
22 July 2024
The Australian Financial Complaints Authority has expanded its parental leave program for employees to 20 weeks under changes to its workplace policies...
Regulator tweaks prudential framework
22 July 2024
The Australian Prudential Regulation Authority has written to insurers saying it is finalising several minor updates to its prudential framework...
ARPC recruits risk chief
22 July 2024
The Australian Reinsurance Pool Corporation has appointed Karin Rathbone as chief risk officer...
Commission consent start date finalised after royal assent
15 July 2024
New laws requiring general insurance brokers to obtain commission consent from retail clients receiving or likely to receive personal advice will start on July 10 next year...
NSW tightens lithium battery standards
15 July 2024
NSW is moving to ensure lithium-ion battery products are appropriately tested and meet new safety standards before they enter the market, amid a rising number of fires...
Regulators finalise FAR rules for insurers
15 July 2024
New information to help insurers and super trustees prepare for the start of the Financial Accountability Regime next March has been released following a consultation...
NZ ombudsman scheme raises payout limits
15 July 2024
New Zealand’s financial dispute resolution services are raising their maximum compensation limits to $NZ500,000 ($450,760) and increasing the cap for non-financial losses...
Insurance House kicked off Victorian builders’ warranty broker panel
08 July 2024
The Victorian Managed Insurance Authority has removed Insurance House from its broker distributor panel for domestic building insurance...
Commission consent becomes law
08 July 2024
Parliament last week passed the federal government’s first phase of advice reforms that include changes to insurance commission disclosures...
ASIC failing to enforce law, inquiry finds
08 July 2024
The Australian Securities and Investments Commission has “comprehensively” failed to go after corporate misconduct and enforce financial services laws, a Senate inquiry has concluded...
Advocate bodies given power to make ‘super complaints’
08 July 2024
The federal government has appointed three designated complainants that are empowered to report significant or systemic market issues affecting consumers or small businesses...
Queensland risk fund pumps more cash into disaster readiness
08 July 2024
Queensland will receive nearly $15 million for natural disaster mitigation projects under a fresh round of funding from the state and federal governments...
Industry gets behind NSW strata law reforms
01 July 2024
Insurers, brokers and consumer groups have backed the NSW government’s plan to tighten laws on strata commission disclosure and other practices that have raised concerns around transparency and conflicts of interest...
ARPC weighs strata mitigation discounts in cyclone pool
01 July 2024
The Australian Reinsurance Pool Corporation is considering introducing mitigation discounts on strata policy wind premiums as part of cyclone pool rate changes to apply from next April...
National ban on deadly stone kicks in
01 July 2024
Australia’s world-first ban on engineered stone begins today, marking a significant move against dust-related diseases such as silicosis...
Victorian building regulator appoints new surveyor
01 July 2024
The Victorian Building Authority has hired Steven Baxas as state building surveyor, effective from August 5...
EQC changes name under legislative shake-up
01 July 2024
New Zealand’s Earthquake Commission has today taken the new name of Natural Hazards Commission Toka Tu Ake under an update of the insurance scheme’s legislation...