State toughens laws on unsafe building products
29 May 2017
Queensland is cracking down on substandard building product imports after a series of high-profile material failures prompted calls for national action…
Regulatory & Government
Plant takes on expanded icare role
29 May 2017
Former QBE executive Tim Plant will take on an expanded role at Insurance & Care NSW following Steve Hunt’s decision to retire after 12 years leading the self-insurance business…
Insurance guidelines set for automated vehicle trials
29 May 2017
Holding appropriate insurance is among the prerequisites for securing permits or exemptions to conduct automated vehicle trials, according to guidelines introduced by the National Transport Commission and Austroads…
Licensee-level breach reports would miss mark, ICA says
29 May 2017
Proposals to clamp down on financial misconduct by publishing individual licensees’ breaches could backfire and cause unfair reputational damage, the Insurance Council of Australia warns…
ASIC unveils development plans for regtech
29 May 2017
The Australian Securities and Investments Commission is seeking feedback on its regtech development proposals, which include technology trials and a “hackathon”…
New accounting standard shapes as major challenge
22 May 2017
After 13 years, a new global accounting standard for insurance contracts has been issued by the International Accounting Standards Board…
NSW emergency services levies drop as removal looms
22 May 2017
Emergency services levy rates on NSW property insurance policies have fallen to about 7% this month from 20% in January, as the market transitions to removal of the charge…
Views sought on complaints authority compo caps
22 May 2017
Treasury is calling for feedback on possibly raising the compensation cap for insurance product disputes to $1 million when the Australian Financial Complaints Authority starts operations in July next year…
Ex-ASIC manager to oversee ICA code review
22 May 2017
Former Australian Securities and Investments Commission GM Phil Khoury has been appointed to provide independent oversight for the General Insurance Code of Practice review…
IMF flags NZ insurance regulation gaps
22 May 2017
An International Monetary Fund assessment of New Zealand’s financial system has highlighted “significant gaps” in insurance regulation…
Insurers regret meagre mitigation investment
15 May 2017
The Insurance Council of Australia has criticised the federal budget for falling desperately short in its commitment to disaster mitigation spending…
Canberra invests in cyber-security unit
15 May 2017
The Federal Government will invest $10.7 million over four years to set up the Cyber Security Advisory Office to enhance the country’s digital defences…
Victoria floats stamp duty removal for home policies
15 May 2017
A Victorian Government discussion paper on increasing insurance among low-income earners flags removal of the 10% stamp duty on home policies as an option…
Insurers to make ESL pledge at Fels inquiry
15 May 2017
Insurers will reinforce their plans to remove the NSW emergency services levy from property policies at a public inquiry tomorrow…
Government opens disaster resilience website
15 May 2017
The Federal Government has unveiled its online Disaster Resilience Knowledge Hub…
ICA wants independent oversight of CTP liability
15 May 2017
An independent body should be appointed to set the “price of liability” when NSW moves to a hybrid no-fault compulsory third party scheme in December, the Insurance Council of Australia says…
icare pilots medical panel to cut treatment delays
15 May 2017
Insurance & Care NSW is trialling a medical support panel to reduce processing times for treatment in workers’ compensation claims from up to six weeks to a few days…
APRA appoints insurance unit leader
15 May 2017
Jane O’Doherty has been appointed to lead a new team bringing together the Australian Prudential Regulation Authority’s governance, operational and insurance risk specialists…
NSW reveals Hawkesbury-Nepean flood plan
08 May 2017
The NSW Government has released a long-term plan to mitigate flooding in the Hawkesbury-Nepean Valley…
Victoria removes stamp duty on farm cover
08 May 2017
The Victorian Government will remove a 10% stamp duty on agricultural insurance products, making it more affordable for farmers to cover crops, livestock and machinery…