Actuary’s north Queensland probe nears completion
21 July 2014
The Australian Government Actuary will finish its inquiry into the cost of insurance in north Queensland by October 31, Federal Treasurer Joe Hockey says…
Regulatory & Government
Transparency would ‘aid buying decisions’
21 July 2014
Consumers will make better decisions when buying cover if insurers improve the information they give on pricing structures and costs, according to the Financial Rights Legal Centre…
Regulation costs face further scrutiny
21 July 2014
The Financial System Inquiry has commissioned further analysis of the costs and benefits of regulation, after submissions complained about the compliance burden…
Global insurers support B20 on regulation
21 July 2014
Prudential regulations should not unnecessarily discourage investment by the insurance industry, say the recommendations of the B20 – business leaders from the top 20 economies…
ICA seeks ‘consumer-friendly’ contracts
14 July 2014
The Insurance Council of Australia has called for clearer, more concise wording in insurance contracts…
Met bureau wants more co-ordination on flood risk
14 July 2014
The Bureau of Meteorology says better co-ordination of riverine flood risk monitoring would significantly reduce risk to life and property…
House rebuilds leave door open to disaster
14 July 2014
Homeowners typically rebuild after disasters without making mitigation adaptations, Geoscience Australia has told the Productivity Commission’s inquiry into catastrophe funding arrangements…
IAIS releases capital requirement rule
14 July 2014
The International Association of Insurance Supervisors has issued its proposed basic capital requirement for global systemically important insurers…
NZ election promises draw mixed response
14 July 2014
The Insurance Council of New Zealand has rejected a Labour Party campaign promise to establish an insurance commissioner, but it supports plans to overhaul…
NT workers’ comp falls short on funding ratio
14 July 2014
Insurers in the NT workers’ compensation scheme had a “funding ratio” of 91% at June 30 last year, according to a report by PricewaterhouseCoopers…
Disclosure regime ‘needs overhaul’
07 July 2014
The insurance product disclosure regime is “poor and inadequate” and the “vast majority” of consumers do not read the relevant statements, the Financial Rights Legal Centre warns…
ASIC puts back group purchasing deadline
07 July 2014
The Australian Securities and Investments Commission has extended a deadline on new rules for group purchasing bodies involved in risk management, as efforts intensify…
Smash repair inquiry calls for licensed assessors
07 July 2014
A NSW parliamentary inquiry into the state’s smash repair industry says insurance assessors should be licensed, with a “three strikes and you’re out” policy for breaches of…
Homeowners ‘need clearer picture’ on rebuild costs
07 July 2014
Home insurers should be required to give consumers key information about rebuild costs so they can make informed choices on coverage, Legal Aid NSW says…
NIBA attacks state-run workers’ comp
07 July 2014
The National Insurance Brokers Association has told the Federal Government’s Competition Policy Review that “ongoing government monopolies” remain in the insurance industry…
ICA backs tow truck regulation
07 July 2014
The Insurance Council of Australia has backed continued regulation of the NSW tow truck industry, to improve safety and protect consumers…
CTP profits may face scrutiny
07 July 2014
A parliamentary report on NSW’s compulsory third party scheme has called for a review of “the high level of insurer profits”…
ASIC bans broker over client impersonations
07 July 2014
The Australian Securities and Investments Commission has permanently banned a Victorian broker who impersonated policyholders…
Byres takes reins at APRA
30 June 2014
Wayne Byres will take over as Chairman of the Australian Prudential Regulation Authority tomorrow…
Flood programs will take decades to complete
30 June 2014
It will take at least 20 years to implement the backlog of flood management works in NSW at the current rate of funding, the Floodplain Management Association says…