Stakeholders await Murray’s interim report
16 June 2014
The direction of the financial system inquiry will become clearer on July 15, with the release of its interim report and an address by chairman David Murray to the National Press Club…
Regulatory & Government
VMIA recruits O’Connor as CEO
16 June 2014
The Victorian Managed Insurance Authority has appointed Paul O’Connor as CEO, replacing Warren Hutcheon…
ICT ‘keeps NZ insurance productive’
16 June 2014
New Zealand’s finance and insurance sector is a “top productivity performer” and highly innovative, according to a report by the country’s Productivity Commission…
State hosts workers’ comp workshops
16 June 2014
Workshops will be held across Victoria to outline the benefits of the Workplace Injury Rehabilitation and Compensation Act 2013…
Claims main driver of Queensland strata premiums
10 June 2014
The Australian Government Actuary’s second report on strata pricing in north Queensland says high premiums are related to claims experience, but concedes lack…
Treasury unveils draft rules on disclosure
10 June 2014
The Federal Government has released draft regulations on disclosure warnings for consumers taking out insurance…
Queensland gives some, takes a lot more
10 June 2014
The Queensland budget handed down last week contains good news and bad news for the insurance industry…
ACT moves closer to insurance tax phase-out
10 June 2014
The ACT is on target to abolish all insurance taxes by July 1 2016, Treasurer Andrew Barr announced in last week’s budget…
Disclosure can’t cure all ills: ASIC
10 June 2014
The assumption that disclosure always fixes market failures is not “borne out in practice”, according to the Australian Securities and Investments Commission…
No change for WorkCover NSW rates
10 June 2014
WorkCover NSW’s premium rate will remain at 1.47% of wages in the year from June 30, after dropping from 1.55% last December…
ASIC forced to cut surveillance
10 June 2014
The Australian Securities and Investments Commission is to scale back surveillance activities in some areas, including insurance, due to budget cuts…
Treasury reviews capital loss rules
10 June 2014
Treasury is considering removing prudential limitations on the way general insurers deal with loss absorption of regulatory capital…
Time running out for NZ building upgrade decision
10 June 2014
Insurers fear a decision on a crucial amendment to the Building Act may not arrive before New Zealand’s Parliament rises on July 31, ahead of the country’s September 20 election…
APRA to face increased government oversight
02 June 2014
The Australian Prudential Regulation Authority will face closer scrutiny from the Federal Parliament, with the House of Representatives’ Economics Committee establishing…
APRA levy on GI industry holds steady
02 June 2014
The Australian Prudential Regulation Authority aims to generate $21 million in levies from the general insurance industry in 2014/15, with the sum unchanged from…
Queensland to boast lowest WorkCover rates
02 June 2014
Queensland’s average premium rate for workers’ compensation will be the nation’s lowest when it falls 17% next financial year…
Don’t rely on mortgage insurance, APRA tells lenders
02 June 2014
Banks and other lenders should not consider lenders’ mortgage insurance an alternative to due diligence on borrowers, the Australian Prudential Regulation Authority…
Regulator relents on financial condition reports
02 June 2014
The Australian Prudential Regulation Authority will allow insurers to lodge financial condition reports up to four months after balance dates, instead of the three-month deadline it imposed from April 1…
WA opens asbestos compensation inquiry
02 June 2014
The WA Law Reform Commission is to review compensation rules for sufferers of asbestos-related diseases…
Private market ‘cannot cover all terror risks’
26 May 2014
The threat of terrorism remains and the private reinsurance market does not have the capacity to cover all commercial property, according to the Australian Reinsurance Pool Corporation’s…