NIBA calls for rethink on client interests in FOFA
03 March 2014
The National Insurance Brokers Association has urged the Government to clarify its position on personal advice in its revision of the Future of Financial Advice legislation…
Regulatory & Government
White-collar crims ‘need harsher penalties’
24 February 2014
Tougher penalties are needed to deter corporate crime, according to Australian Securities and Investments Commission Chairman Greg Medcraft…
FOS chief explains role monitoring systemic failures
24 February 2014
The Financial Ombudsman Service operates a system to log and investigate systemic failures in companies, Chief Ombudsman Shane Tregillis says…
RBNZ talks tough as new regime gather pace
24 February 2014
The Reserve Bank of New Zealand has flagged a tougher approach to compliance breaches and warned government support is not guaranteed for insurers that fail…
Step up disaster mitigation, actuaries say
24 February 2014
The Actuaries Institute has called for more work to prevent disaster losses as part of a holistic risk management program…
SA workers’ comp scheme cuts claim length
24 February 2014
WorkCover SA says new initiatives for returning people to work have driven a 15% reduction in the number of income maintenance claims extending past two weeks…
NIBA wants Murray to tackle regulation, FNQ ‘failure’
17 February 2014
The “one-size-fits-all” regulatory approach is inappropriate for brokers and incurs unnecessary costs, the National Insurance Brokers Association will tell the financial services inquiry…
PI pricing stuck in ‘regulatory quagmire’
17 February 2014
Federal government investigations into professional indemnity (PI) insurance for financial advisers should consider the industry’s regulatory complexity, Aon Hewitt Wealth Management…
Murray to examine cyber risk
17 February 2014
The forthcoming financial system inquiry will examine competition in the insurance sector and cyber risk…
Victorian FSL monitor calls for clearer premium info
17 February 2014
Insurers are still failing to give policyholders clear information that enables them to compare base premiums, according to Victoria’s Fire Services Levy Monitor Allan Fels…
SA minister defends CTP reform
17 February 2014
Reforms to SA’s compulsory third party scheme have been vigorously defended by the State Government following criticism from a legal group…
Financial system inquiry to cost $5.8 million
17 February 2014
Treasury predicts the financial services inquiry will cost $3.6 million this financial year, which it is looking to cover in this year’s budget…
Government considers north Queensland aggregator
10 February 2014
Federal Treasury is investigating whether insurers should establish an aggregator site comparing prices for home and contents cover and strata insurance in north Queensland…
Government steers clear of FOS review
10 February 2014
The Federal Government says it has no plans to review the Financial Ombudsman Service’s activities, contrary to reports…
Insurers raise concerns on APRA risk rules
10 February 2014
Insurers have questioned new board-level risk requirements from the Australian Prudential Regulation Authority that involve the use of catastrophe modelling…
IBANZ chief joins Financial Service Complaints board
10 February 2014
Insurance Brokers Association of New Zealand CEO Gary Young has joined the board of dispute resolution scheme Financial Service Complaints Limited…
ICA urges WorkCover WA to cut red tape
10 February 2014
Insurers are supporting moves to streamline WorkCover WA claims settlement and give injured workers quick access to injury management, the Insurance Council of Australia says…
Legal group slams SA CTP reforms
10 February 2014
The Law Society of SA has criticised the State Government over changes to compulsory third party motor insurance…
NT extends WorkSafe consultation
10 February 2014
The NT Government has extended a public comment period for its workers’ compensation scheme review until February 28…
Industry loses fight for combined CRO role
03 February 2014
The Australian Prudential Regulation Authority has rejected industry calls for the role of chief risk officer to be undertaken by insurers’ chief actuaries…