Comcare reforms fall short: Willis
24 March 2014
Reforms allowing all national companies to self-insure through the Federal Government’s Comcare workers’ compensation scheme do not go far enough, according to major broker Willis…
Regulatory & Government
Suncorp warns NSW inquiry on smash repair costs
24 March 2014
Costs for vehicle smash repairs could rise 25% if insurers are prevented from directly arranging work for policyholders, Suncorp Personal Insurance CEO Mark Milliner warns…
Murray seeks ‘impartial’ submissions
24 March 2014
David Murray says the success of his financial system inquiry will partly depend on the quality of submissions…
Lawyer warns over contract act amendment dates
24 March 2014
The range of start dates for amendments to the Insurance Contracts Act means insurers must navigate a compliance maze, Minter Ellison partner Pam Madafiglio warns…
Brokers may need tax agent registration
17 March 2014
General insurance brokers may have to register as tax agents if they give advice on taxation when selling policies…
ACCC sets sights on comparators
17 March 2014
The Australian Competition and Consumer Commission will closely monitor comparison websites to ensure buyers of insurance and other products are not misled…
Victoria to remove commercial defects insurance
17 March 2014
The Victorian Government plans to remove the requirement for commercial property builders to have defects insurance…
WA changes workers’ comp penalties
17 March 2014
WorkCover WA has increased the number of offences that can be addressed with infringement notices and modified penalties…
ASIC forum to focus on global regulatory changes
17 March 2014
Global developments in financial sector regulation will be on the agenda when the Australian Securities and Investments Commission holds its annual forum on March 24 and 25…
RBNZ warns insurers on director notifications
17 March 2014
The Reserve Bank of New Zealand has warned insurers to notify it “in a timely manner” of changes of relevant officers and directors…
ICA backs changes to scaled advice in FOFA
10 March 2014
The Insurance Council of Australia supports proposed changes to the Future of Financial Advice legislation that clarify scaled advice requirements…
Workers’ comp rules put NSW claimants at ‘disadvantage’
10 March 2014
WorkCover rules on insurers’ use of lawyers are unfair to NSW claimants and should be amended, a report by WorkCover Independent Review Officer Kim Garling says…
Insurers over-collected $12.7 million in final Victorian levies
10 March 2014
Insurers over-collected $12.7 million in fire services levies in the final year of the Victorian charge, FSL Monitor Allan Fels says…
Sydney adviser sentenced over tombstoning
10 March 2014
A former Sydney financial adviser has been convicted of “tombstoning” – submitting life insurance applications in the names of dead or fictitious people…
China looks to learn from Australian disaster work
10 March 2014
The Chinese Government has sent a delegation to Australia to review the insurance industry’s response to natural disasters…
Actuary tasked to study North Queensland strata ‘crisis’
03 March 2014
A new Australian Government Actuary study into north Queensland strata insurance will contribute to measures aimed at curbing soaring premiums, according…
APRA pushes for modelling improvements
03 March 2014
“Blind reliance” on catastrophe models could lead to inadequate reinsurance for natural catastrophes, Australian Prudential Regulation Authority Deputy Chairman Ian Laughlin warns…
Home policies, add-on insurance under ASIC scrutiny
03 March 2014
The Australian Securities and Investments Commission plans to release a report mid-year on home insurance selling after the NSW bushfires highlighted concerns about consumers…
Expert calls for combined general and health regulation
03 March 2014
The Federal Government’s financial system inquiry should “bite the bullet” and recommend a single regulator for general and health insurance, according to Deloitte Access Economics partner Ian Harper…
ACT introduces no-fault lifetime injury cover
03 March 2014
The ACT Government has introduced legislation to set up a no-fault insurance scheme for people who are seriously injured in car accidents in the territory…