Coalition to amend brokers’ best-interests duty
03 February 2014
General insurance brokers will be required to satisfy only basic best-interests obligations, under a bill amending the Future of Financial Advice legislation…
Regulatory & Government
NZ commission calls for submissions on Lumley takeover
03 February 2014
IAG has told New Zealand’s Commerce Commission that its takeover of Lumley New Zealand’s operations will not substantially reduce competition…
Productivity Commission to examine disaster funding
03 February 2014
The Productivity Commission is to hold an inquiry into national disaster funding arrangements…
SA Government to overhaul WorkCover
03 February 2014
South Australians will be able to sue their employers at common law under a major redesign of the state’s workers’ compensation scheme…
Reinsurance pool names new CFO
03 February 2014
The Australian Reinsurance Pool Corporation has named Fran Raymond as its new CFO…
ASIC permanently bans Victorian broker
03 February 2014
The Australian Securities and Investments Commission has permanently banned broker and convicted fraudster Bruce Wickett from providing financial services…
NZ regulator to release solvency standards
03 February 2014
The Reserve Bank of New Zealand plans to publish revised insurance solvency standards during the first quarter…
ICA defends insurers on disability discrimination
03 February 2014
Federal exemptions from disability discrimination laws allow insurers to manage risks appropriately, the Insurance Council of Australia has told an Australian Law Reform Commission inquiry…
Former AMP boss joins financial services inquiry
03 February 2014
Former AMP CEO Craig Dunn has been appointed to the Federal Government’s financial services inquiry…
APRA demands board involvement in stress-testing
16 December 2013
General insurers have identified improvements to stress-testing regimes for the next year to 18 months, but boards must set out clear plans to achieve them, the Australian…
Comcover receives State Mine fire claims
16 December 2013
Thirteen compensation claims have been lodged over the State Mine bushfire that destroyed homes near Lithgow in NSW, Federal Government insurer Comcover says…
ASIC reveals policy on financial calculators
16 December 2013
The Australian Securities and Investments Commission has released its policy on the regulation of generic financial calculators…
Accounting plans ‘fall short on convergence’
16 December 2013
Two draft insurance accounting standards released this year contain differences that will hamper investor comparisons and which fall short of achieving global consistency, according to Moody’s…
Scammers offer fire services levy ‘refund’
16 December 2013
Victoria’s fire services levy has become the latest vehicle for a scam to obtain consumers’ bank account details…
ICA calls for clarification on key facts sheets
09 December 2013
The Insurance Council of Australia says key facts sheets should not extend to landlord policies, which have their own particular characteristics…
PI premiums to rise as Victoria rights wrongs
09 December 2013
The Victorian Competition and Efficiency Commission has called for comments on proposed personal injury law reforms that could raise public liability and professional indemnity insurance premiums by up to 4%…
Comcare opened to more self-insurers
09 December 2013
The Federal Government has opened the Commonwealth workers’ compensation scheme Comcare to more companies that want to self-insure…
Medcraft defends IOSCO job
09 December 2013
Australian Securities and Investments Commission Chairman Greg Medcraft has defended his role with the international regulators’ body, arguing he gives Australia a voice at the negotiating table…
New Zealanders back CTP proposal
09 December 2013
Most New Zealanders support compulsory third-party car insurance for all drivers, according to a national survey…
Insurance adds to APRA strength: Laker
02 December 2013
The Australian Prudential Regulation Authority is stronger as a result of having insurance as part of its brief, according to Chairman John Laker…