NT channels TIO funds into flood mitigation
04 May 2015
The NT Government has allocated $57.5 million of the $410.9 million it made selling the Territory Insurance Office for flood mitigation projects…
Regulatory & Government
Competition thrives despite stronger regulation: Byres
04 May 2015
Capital requirements are not constraining insurers and banks’ capacity to compete, Australian Prudential Regulation Authority Chairman Wayne Byres says…
Allianz pays up over breaches
04 May 2015
Some 20,000 customers have been refunded more than $1.4 million by Allianz Australia Insurance and Allianz Australia Life Insurance for two breaches of financial services law in 2013…
ACTU calls for harsher penalties on negligent bosses
04 May 2015
The Australian Council of Trade Unions wants tougher penalties to hold company bosses accountable for workplace deaths…
APRA clarifies aggregate reinsurance
04 May 2015
The Australian Prudential Regulation Authority has clarified its rules on aggregate reinsurance and how it will be used when calculating companies’ capital requirements…
Insurers may need more capital: KPMG
04 May 2015
Insurers may be required to hold more capital under new risk-based rules from the Australian Prudential Regulation Authority, according to KPMG…
Regulation sets out new disclosure wording
27 April 2015
The Federal Government has introduced a new regulation concerning disclosure statements in insurance contracts…
WA no-fault CTP ‘to go ahead’
27 April 2015
A proposed no-fault compulsory third party scheme for WA will be approved, according to reports citing leaked budget papers…
NZ appoints five brokers to government panel
27 April 2015
The New Zealand Government has appointed a five-broker panel for all its risk financing and insurance broking services, in a bid to improve efficiency…
Comcare completes leadership team before overhaul
27 April 2015
Comcare has appointed two new executives to its leadership team…
ACC publishes vehicle risk ratings
27 April 2015
New Zealand’s Accident Compensation Corporation has published risk ratings for vehicles in advance of lower levies from July 1…
Insurers want faster response from APRA
20 April 2015
Insurers want the Australian Prudential Regulation Authority to respond in a timely manner to their concerns, according to the Insurance Council of Australia…
APRA considers dropping insurer peer review
20 April 2015
Insurers may no longer have to obtain external peer reviews of their appointed actuaries’ insurance liability valuation reports, under a proposal from the Australian Prudential Regulation Authority…
ICA supports national workers’ comp overhaul
20 April 2015
The Insurance Council of Australia has signalled its support for reform of state workers’ compensation schemes…
Consumer lawyers call for end to contract rules exemption
20 April 2015
The Federal Government should extend unfair contract rules to insurance and introduce an individual suitability test for consumers buying cover, according to the Consumer Action Law Centre…
NT backs changes to workers’ comp regime
20 April 2015
The NT Government will adopt the Workers Rehabilitation and Compensation Advisory Council’s 58 recommendations for amendments to its workers’ compensation scheme…
SA workers’ comp scheme drops rate to record low
20 April 2015
ReturnToWorkSA, formerly WorkCover SA, has cut its average premium rate to a record low of 1.95% of wages…
Victoria’s workplace injury rate hits record low
20 April 2015
Injuries in Victorian workplaces fell to a record low of 7.32 claims per million hours worked in the six months to last December, but there is scope for more improvement, according to WorkSafe Victoria…
ICA warns on small business ombudsman
20 April 2015
The Insurance Council of Australia has backed plans to create the Australian Small Business and Family Enterprise Ombudsman, so long as the draft bill to determine its powers does not clash with its own code of conduct…
NZ overhauls complaints system
20 April 2015
New Zealand has improved its system for dispute resolution and consumer complaints about financial services…