ASIC turns spotlight on One Big Switch
06 July 2015
Allegations that discounter One Big Switch misled consumers are being investigated by the Australian Securities and Investments Commission…
Regulatory & Government
NZ insurers back EQC reform
06 July 2015
The Insurance Council of New Zealand is “broadly supportive” of proposed changes to the Earthquake Commission that would see insurers take the lead in handling claims…
Premium cap eases WorkCover NSW model transition
06 July 2015
WorkCover NSW’s new rewards-based model will limit premium increases for the next two years, according to WorkCover Insurance Director of Underwriting Jason McLaughlin…
Ride-sharing drivers should pay more: ICA
06 July 2015
Drivers using their own vehicles for commercial purposes via ride-sharing operations such as Uber should pay increased compulsory third party premiums, according to the Insurance Council of Australia…
SA ushers in new workers’ comp regime
06 July 2015
The new SA workers’ compensation scheme came into effect last week with the State Government saying it delivers some of the biggest changes in more than 25 years…
Terrorism pool adds board members
06 July 2015
The Australian Reinsurance Pool Corporation has appointed three new board members…
RBNZ data-collection program moves step closer
06 July 2015
The Reserve Bank of New Zealand has completed two insurer data-collection trials, bringing the process a step closer to introduction…
APRA urges ‘ongoing dialogue’ on cloud computing
06 July 2015
The Australian Prudential Regulation Authority has released an information paper on prudential considerations and key principles for outsourcing of shared computing services, including cloud storage…
NSW budgets $120 million for disaster resilience
29 June 2015
The NSW Government has allocated $120 million to natural disaster mitigation and recovery programs…
Senate launches flammable cladding inquiry
29 June 2015
A Senate inquiry will investigate the impact of non-conforming building products, following November’s devastating fire in Melbourne’s Docklands…
APRA calls for disclosure review
29 June 2015
The Australian Prudential Regulation Authority has called on the insurance industry to review its public disclosure practices…
Reinsurance pool moving to Sydney
29 June 2015
The Australian Reinsurance Pool Corporation is relocating to Sydney from Canberra as a cost-saving measure…
APRA to publish more life insurer data
29 June 2015
Prescribed capital amounts, insurance risk charges and other complex financial data concerning life insurers will be published by the Australian Prudential Regulation Authority under a new ruling…
IAIS consults on loss requirements for major players
29 June 2015
The International Association of Insurance Supervisors has started consultation on higher loss absorbency requirements for global systemically important insurers…
Abbott attacks insurers’ northern premiums approach
22 June 2015
Prime Minister Tony Abbott has called on the insurance industry to “explain itself” over high property premiums in northern Australia and hinted that a solution could involve “new entrants” or “different types of insurance products”…
Senate committee splits on Comcare reform bill
22 June 2015
The Federal Government’s workers’ compensation scheme, Comcare, must be reformed to remain financially viable, the Senate was told last week…
ASIC considers peer panel to deter ‘delinquents’
22 June 2015
The Australian Securities and Investments Commission warns it will crack down on “delinquent culture”, and may set up a peer-review disciplinary panel for financial services…
FMA outlines oversight priorities
22 June 2015
New Zealand’s Financial Markets Authority will focus its resources on seven strategic priorities including governance and culture over the next four years…
SA insurance tax revenue to fall
22 June 2015
The SA Treasury expects less revenue from general insurance duties in 2015/16, reflecting lower premium growth…
APRA rules on reinsurance and assets
22 June 2015
The Australian Prudential Regulation Authority has clarified how reinsurance arrangements should be treated as assets, following a consultation that started last year…