ICA rejects Harper review’s market power test
25 May 2015
The Insurance Council of Australia has rejected the Competition Policy Review’s recommendation on misuse of market power…
Regulatory & Government
Treasury consults on funding levies
25 May 2015
Treasury, in conjunction with the Australian Prudential Regulation Authority, has begun consultation on financial institution supervisory levies for next financial year…
ICA slams ‘overly conservative’ APRA
25 May 2015
Australia’s onerous regulatory regime is holding back local insurers that want to pursue offshore opportunities, the Insurance Council of Australia says…
Comcare reforms split unions, employers
25 May 2015
The Australian Council of Trade Unions says the planned overhaul of Comcare will discriminate against injured workers, while the country’s biggest employers want the reform passed “in its entirety”…
Canterbury rebuild cost rises
25 May 2015
New Zealand’s Treasury has increased estimated claims costs associated with the Canterbury earthquakes, as rebuilding costs rise…
ICA calls for scrutiny on ASIC consultations
25 May 2015
The Insurance Council of Australia has proposed an annual performance review of Australian Securities and Investments Commission consultations…
New Zealand cuts ACC levies further
25 May 2015
The New Zealand Government will cut Accident Compensation Corporation levies this year and next, according to its latest budget…
ICA wants better benchmarking in APRA assessment
25 May 2015
The Insurance Council of Australia says the Australian Prudential Regulation Authority’s proposed evidence metrics require more quantifiable measures…
Degree demand ‘may cost brokers $30 million’
18 May 2015
Making a university degree the minimum education requirement for financial services providers could cost general insurance brokers $30 million, it is claimed…
Queensland gets cash for levees
18 May 2015
The Federal Government has allocated $12 million to the National Insurance Affordability Initiative for the 2015/16 financial year, with all the funds earmarked for Queensland…
WA budget approves no-fault CTP
18 May 2015
A no-fault compulsory third party scheme will be introduced in WA by July next year, the state’s budget has confirmed…
Budget boosts north Australia taskforce
18 May 2015
The Federal Government will allocate $2.1 million over two years to the Northern Australia Insurance Premiums Taskforce…
Public sector managers fear Comcare stress claims
18 May 2015
Commonwealth public service managers believe some employees consider the Comcare workers’ compensation scheme a “soft touch”, a Senate inquiry has been told…
NZ refines regulations for quake-risk buildings
18 May 2015
The New Zealand Government says it will “better target” building regulations in earthquake-prone areas…
ACC on track to deliver levy cuts
18 May 2015
New Zealand’s Accident Compensation Corporation is on target to deliver levy cuts worth $NZ500 million ($463 million) from next year…
Interest rates put pressure on NZ premiums
18 May 2015
Insurance premiums in New Zealand face “downward pressure” amid low interest rates worldwide, according to a new report…
Government names north Australia premiums taskforce
11 May 2015
Former Treasury executive director Mike Callaghan has been made head of the Northern Australia Insurance Premiums Taskforce, to examine setting up a cyclone mutual or reinsurance pool…
ASIC cancels brokers’ licences
11 May 2015
The Australian Securities and Investments Commission has cancelled the licences of two insurance brokers for failing to lodge audited annual statements…
SA unveils details of CTP privatisation
11 May 2015
The SA Government will establish an industry regulator to ensure premiums remain reasonable when it privatises the compulsory third party motor market…
ASIC works on remediation guide
11 May 2015
The Australian Securities and Investments Commission is developing a regulatory guide on review and remediation programs in the financial advice industry…