APRA standardises reporting of large exposures
26 February 2024
The Australian Prudential Regulation Authority has updated its guidance for general insurers on the reporting of large exposures...
Regulatory & Government
WorkSafe cracks down on building site fall risk
26 February 2024
WorkSafe Victoria will conduct a “statewide blitz” of the construction industry to address a growing number of fall injuries...
Code committee to front federal inquiry
19 February 2024
The General Insurance Code Governance Committee and Munich Re will appear before the parliamentary inquiry into insurers’ handing of the 2022 floods on Friday...
Victorian regulator suspends builder’s director
19 February 2024
The Victorian Building Authority has suspended the registration of Todd Searle as nominee director of Montego Homes amid concerns the builder did not acquire mandatory domestic building insurance for customers...
‘Significant setback’ as Tasmanian fire services funding reform stalls
19 February 2024
Tasmania’s Government has shelved plans to reform its fire and emergency services funding after the proposed model, which would have removed a levy on business insurance, sparked protests from local government, farming and property groups...
icare prepares for claims handling overhaul
19 February 2024
NSW state insurer icare will launch a “major transformation” of its main workers’ compensation scheme in June, rolling out increased choice of claims service providers and greater transparency on performance...
State calls for feedback on builders’ cover
19 February 2024
Authorities in SA are seeking views on the challenges faced by brokers and the broking distribution system under the state’s troubled builders’ warranty insurance model...
Queensland joins switch to national truck regulator
19 February 2024
Queensland is the latest state to transfer heavy vehicle regulation to the national watchdog, joining NSW, South Australia, Victoria, Tasmania and the ACT...
Flood-proof homes deal ‘signals progress in Lismore rebuild’
12 February 2024
More than 400 flood-proof homes will be built in Lismore under a deal between Southern Cross University and the NSW reconstruction agency...
ICA seeks international alignment on climate reporting
12 February 2024
Australia’s climate-related financial disclosure should align as much as possible with global standards, the Insurance Council of Australia says in a submission on draft legislation...
Canberra commits $92 million to Queensland resilience
12 February 2024
The Federal Government will invest $91.8 million in disaster recovery and resilience for Queensland communities...
icare board adds workers’ rep under shake-up
12 February 2024
Unions NSW Secretary Mark Morey has been appointed to the icare board as an employee representative after a reform last year requiring inclusion of two directors nominated by worker and business bodies...
ICA wants home buy-back fund included in budget
05 February 2024
The Federal Government should provide $250 million a year to pay for buy-back and home-raising projects, the Insurance Council of Australia says...
Auto & General Insurance told to fix risk management issues
05 February 2024
Budget Direct owner Auto & General Insurance has engaged an independent expert to review its risk management processes after the regulator uncovered “significant” weaknesses...
NZ court fines CBL and directors millions over breaches
05 February 2024
New Zealand’s High Court has ordered CBL Corporation and four of its former directors to pay penalties for continuous disclosure and misleading conduct breaches that happened before the company was placed in liquidation...
Watchdog sees ‘promising findings’ in NSW strata survey
05 February 2024
Building Commission NSW has backed recent construction industry reforms despite a new survey finding more than half of strata buildings in the state have serious defects...
Law reform body sets out vision for financial services overhaul
05 February 2024
The Australian Law Reform Commission has proposed a shake-up of financial services laws it says are convoluted, a “tangled mess”, costly to comply with and unnecessarily difficult to enforce...
SIRA claws back $183 million of CTP insurers’ profit
05 February 2024
The NSW State Insurance Regulatory Authority has clawed back $183.1 million in excess profit from compulsory third party insurers following an annual assessment...
APRA targets affordability issue
05 February 2024
The Australian Prudential Regulation Authority has provided an interim update on its supervision and policy priorities for the first six months of the year...
NRMA Insurance rebuked over CTP payment delays
05 February 2024
The NSW regulator has censured IAG’s NRMA Insurance over delays starting weekly benefit payments on four compulsory third party claims...