NZ climate change review ‘falls short’ on sea level risk
31 July 2017
A government plan to prepare New Zealand for climate change fails to adequately address the critical issue of rising sea levels, according to the Insurance Council of New Zealand…
Regulatory & Government
Dispute scheme transition team begins work
31 July 2017
Former Reserve Bank of Australia assistant governor Malcolm Edey will chair a team tasked with ensuring the new one-stop financial dispute regime is operational by July 1 next year…
APRA joins push for climate risk disclosure
31 July 2017
The Australian Prudential Regulation Authority is among a group of global regulators supporting a new international standard for the disclosure of climate risks by insurers…
ICA defends industry ownership of code
31 July 2017
The Insurance Council of Australia has cautioned against regulatory changes that may weaken the industry’s ownership of the General Insurance Code of Practice…
ASIC signs Abu Dhabi fintech tie-up
31 July 2017
The Australian Securities and Investments Commission has signed a co-operation agreement with its Abu Dhabi counterpart, to help Australian fintech companies penetrate the lucrative Middle Eastern market…
Hospital cladding confirmed as flammable
24 July 2017
Tests have proved that cladding on the facade of Brisbane’s Princess Alexandra Hospital is combustible…
Crop cover subsidy should be short-term, review finds
24 July 2017
The NSW Independent Pricing and Regulatory Tribunal says any subsidy to encourage take-up of crop insurance should be temporary…
RBNZ holds fire on cyber-risk crackdown
24 July 2017
The Reserve Bank of New Zealand has decided against strict cyber-risk rules for financial businesses, opting for a flexible approach…
Stability board hails insurance standard
24 July 2017
The Financial Stability Board has welcomed publication of a new accounting standard for insurance contracts, and says insurers should begin implementation as soon as possible…
icare invests in spinal injury treatment
24 July 2017
The Insurance & Care NSW Foundation has partnered with Spinal Cord Injury Australia to fund a fitness service for spinal injury victims in rural NSW…
Fels seeks new CEO commitment on ESL
17 July 2017
NSW Emergency Services Levy Insurance Monitor Allan Fels has sought a fresh pledge from CEOs to “do the right thing” following the Government’s backflip on removing the charge from property policies…
Cladding crisis could force up premiums, ICA warns
17 July 2017
The presence of flammable building cladding could result in large premium increases, or even a refusal to offer cover, the Insurance Council of Australia has warned…
Intermediaries still concerned with ASIC payment regime
17 July 2017
Australian Securities and Investments Commission cost-recovery plans continue to cause uncertainty for insurance intermediaries, which fear paying excessive amounts due to definition problems…
NSW fire trail project receives federal boost
17 July 2017
The Commonwealth will give NSW more than $638,000 to fund bushfire mitigation projects…
Commission calls for competition inquiry submissions
17 July 2017
The Productivity Commission has opened its inquiry into competition in the financial system, calling for submissions by September 15…
Winley chief banned for life
10 July 2017
Jeff Bailey, the MD of failed Perth authorised representative company Winley Financial Services, has been permanently banned from the financial services industry…
‘No justification’ for last-resort compo scheme: ICA
10 July 2017
A compensation scheme of last resort for aggrieved consumers is not the answer to improving the financial services sector, according to the Insurance Council of Australia…
WA widens cladding audit
10 July 2017
The WA Building Commission will audit all “high-risk, high-rise” buildings with cladding following the Grenfell Tower fire, expanding an initial probe that focused only on aluminium composite panels…
Reforms restore Comcare to financial health
10 July 2017
The Federal Government’s workers’ compensation scheme Comcare is fully funded for the first time since 2010, three years ahead of schedule…
ICA seeks ASIC backing on electronic disclosure
10 July 2017
The Insurance Council of Australia has again called for the Australian Securities and Investments Commission to support legislative changes to align insurers with other financial services providers on electronic disclosure…