Victoria clamps down on TAC mental injury payouts
21 October 2013
Victoria is to tighten its rules on compensation payments for long-term, serious mental injury following traffic accidents…
Regulatory & Government
ICA voices concern on global capital standard
14 October 2013
Insurers are concerned about plans to develop a risk-based global insurance capital standard, the Insurance Council of Australia says…
WorkCover SA opens claims agent nominations
14 October 2013
Employers in SA can now nominate which agent will manage their WorkCover claims next year…
ICA opposes training plans
14 October 2013
The Insurance Council of Australia has opposed plans for more stringent adviser education requirements, arguing they will create a barrier to careers in the industry and will increase costs…
FSL Monitor warns Victorian brokers
14 October 2013
A small group of Victorian brokers face fines of up to $10 million after Victoria’s Fire Services Levy Monitor said it is investigating complaints from people who say they were charged the levy after it was dropped…
Court rejects bid to further strengthen Christchurch buildings
14 October 2013
Christchurch City Council has no power to impose stricter building-strengthening rules, according to a court ruling that could save insurers millions of dollars…
Buried report criticises EQC
14 October 2013
New Zealand’s Earthquake Commission was complacent and poorly prepared for the Canterbury disasters, according to a report…
WA to continue workers’ comp revamp
07 October 2013
The WA Government plans to overhaul the state’s Workers’ Compensation and Injury Management Act after a series of “piecemeal” changes over the past 30 years…
ACC reports surplus as rehab improves
07 October 2013
New Zealand’s Accident Compensation Corporation made a $NZ4.93 billion ($4.34 billion) surplus last financial year and could be fully funded by 2019…
ASIC cancels planner’s licence over PI shortfall
07 October 2013
The Australian Securities and Investments Commission has cancelled a Perth planning company’s financial services licence after it failed to obtain professional indemnity insurance and entered…
ICNZ calls for competition in accident cover
07 October 2013
The Insurance Council of New Zealand has questioned planned cuts to Accident Compensation Corporation levies and argued for a switch to a competitive injury insurance model…
RBNZ publishes insurers’ ratings
07 October 2013
The Reserve Bank of New Zealand has published insurers’ financial strength ratings under a new regulatory system for the industry…
APRA to step up data collection from conglomerates
30 September 2013
Financial conglomerates will have to submit data to regulators more often under proposed rules that aim to prevent another AIG-style meltdown…
ICA calls for rethink on FSB risk principles
30 September 2013
Small companies may be disadvantaged by unnecessarily strict language in a proposed international risk appetite framework, the Insurance Council of Australia warns…
APRA calls for focus on catastrophe risk
30 September 2013
The insurance industry must pay more attention to catastrophe risk management, Australian Prudential Regulation Authority Executive Member Ian Laughlin warns…
ICA questions privacy law guidelines
30 September 2013
The Insurance Council of Australia has raised concerns about the Australian Privacy Principles draft guidelines, which will be central to new privacy laws due next March…
WA workers’ comp claims hold steady
30 September 2013
The workers’ compensation environment in WA remained healthy and sustainable last financial year, according to WorkCover WA’s annual report…
Hockey assumes insurance role
23 September 2013
New Federal Treasurer Joe Hockey will take responsibility for financial services and insurance in the Coalition Government…
Westpac calls for Son of Wallis to review insurance
23 September 2013
A government inquiry into the financial system should take a broad approach and include insurance, according to Westpac Institutional Bank Group Executive Rob Whitfield…
General insurers fear cost of elevating CROs
23 September 2013
The Australian Prudential Regulation Authority’s proposal for chief risk officers to be independent of other roles is proving unpopular with general insurers…