AFCA calls on insurers to boost claims resourcing
27 November 2023
Insurers should introduce “immediate and enduring” increases in resourcing of claims and complaints resolution teams, the Australian Financial Complaints Authority says...
Regulatory & Government
ASIC adds claims handing to 2024 enforcement focus
27 November 2023
The Australian Securities and Investments Commission says insurance claims handling is one of its new enforcement priorities for 2024...
Government to issue ‘ransomware playbook’
27 November 2023
The Australian Government will create a “ransomware playbook” with clear guidance on how to manage ransom demands as part of a new long-term strategy to beef up the nation’s cyber security...
Indigenous complaints to AFCA increase
27 November 2023
The Australian Financial Complaints Authority says the number of complaints made to the scheme by Aboriginal and Torres Strait Islander peoples rose 13% last financial year and there was a disproportionately high level of issues around hardship...
APRA consults on new cross-industry definition standard
27 November 2023
The Australian Prudential Regulation Authority is seeking feedback on a new cross-industry standard to centralise the regulator’s existing standards on definitions...
Federal Assistant Treasurer backs NSW ESL reform
20 November 2023
Federal Assistant Treasurer and Financial Services Minister Stephen Jones says the NSW Government’s plan to remove the Emergency Services Levy from insurance policies is a long overdue reform...
Industry prepares for advice reforms as Treasury consults on draft legislation
20 November 2023
The Federal Government has proceeded to implement the first phase of its response to the Quality of Advice Review final report...
NSW introduces new laws to empower building regulator
20 November 2023
The NSW Government will implement new laws to boost the ability of the state's building commission to tackle poor industry practices...
Doubling of EQCover rolled through
20 November 2023
A New Zealand law change that doubled the home building insurance cap under the EQCover scheme to $NZ300,000 has fully rolled through...
Government works closely with DP World after cyber attack
13 November 2023
Ports operator DP World Australia says it is working closely with national cyber security experts and the Federal Government following an incident that has disrupted freight movement at its terminals...
Cyber security must be ‘top priority’ for corporations: ASIC
13 November 2023
The Australian Securities and Investments Commission has urged organisations to strengthen cyber security capabilities after its report found “significant gaps” in safeguards across businesses...
Government urged to up e-scooter insurance requirements
13 November 2023
The Australian Lawyers Alliance is calling for a detailed review of insurance and regulation options for e-scooters...
ACT flags fuel load burns ahead of warmer bushfire season
13 November 2023
The ACT Government has released its latest Bushfire Operations Plan, outlining its agenda to strengthen the territory’s bushfire protection and prevention...
Regulators to appear at parliamentary floods inquiry hearing
06 November 2023
Australia’s financial regulators will next month appear before the first hearing scheduled as part of the federal parliamentary inquiry into insurers’ responses to major floods claims last year...
Government ‘urgently’ exploring PI solutions for intrapartum services outside of hospitals
06 November 2023
The Federal Government is “urgently” investigating options to extend professional indemnity insurance and the Midwife Professional Indemnity Scheme for intrapartum care outside of a hospital setting provided by endorsed midwives...
Federal Court approves CCI claim payment scheme
06 November 2023
The Federal Court has approved a Catholic Church Insurance arrangement to provide for the “orderly” payment of claims in the event that it faces the risk of insolvency...
Victoria workers’ comp bill introduced as mental health claims soar
06 November 2023
The Victorian Government has introduced a bill into Parliament to revamp the state workers’ compensation scheme following rising financial pressures and increasing claims from mental health issues...
General insurance breach reports to ASIC rise
06 November 2023
General insurance accounted for 28% of breach reports submitted to the Australian Securities and Investments Commission, beaten only by credit product lines’ 32% during the 12 months to June 30...
ASIC takes legal action over poor dispute resolution
06 November 2023
The Australian Securities and Investments Commission has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to meet internal dispute resolution requirements...
ICA calls on NSW to broaden climate commitments
06 November 2023
The Insurance Council of Australia has welcomed new legislation from the NSW Government to establish emission reduction targets but says “more needs to be done” to address future weather risks...