Broker pleads guilty to theft of premium money
11 February 2013
Victorian broker Bruce Wickett has admitted stealing more than $660,000 of clients’ money…
Regulatory & Government
Reinsurance pool increases retrocession cover
11 February 2013
The Federal Government’s Australian Reinsurance Pool Corporation, which administers the terrorism reinsurance scheme, has increased its retrocession cover…
NZ brokers and insurers reject fire service levy recommendation
11 February 2013
A review of the funding of New Zealand’s fire service has recommended the insurance levy be calculated on premiums rather than the sum insured for non-residential property…
Bushfire research funding to finish mid-year
11 February 2013
Federal Government funds towards the support of the Bushfire Co-operative Research Centre will dry up from July this year, leaving questions about future funding for research…
Insurers want tax overhaul in SA
11 February 2013
Abolishing transactional taxes, including stamp duty on insurance, in favour of increases to payroll and land taxes would provide the South Australian Government with a much needed financial boost…
Insurance employee charged over false claims allegations
11 February 2013
A 56-year old Adelaide woman has been charged over false insurance claims totalling $335,000…
Unfair terms clause to be written into Insurance Contracts Act
04 February 2013
The Federal Government will add unfair contract terms to the Insurance Contracts Act, removing insurers’ exclusion from provisions that are standard in consumer protection laws…
ASIC will act in the best interest of industry
04 February 2013
The Australian Securities and Investments Commission says it wants to regulate best-interests duty rather than let the financial services sector police itself…
Adelaide broker agrees to stop
04 February 2013
The Australian Securities and Investments Commission has accepted an enforceable undertaking from former South Australian broker Paul Meier to permanently refrain from providing financial services…
Horsell to be sentenced
04 February 2013
Former insurance broker Craig John Horsell will be sentenced in Adelaide on February 11 after admitting three charges of dishonestly using his position to authorise payments into his personal bank account…
Ex-Bunnings NZ executive admits insurance corruption
04 February 2013
A former manager for Bunnings NZ has admitted receiving kickbacks for placing insurance through failed broker Herbert Insurance Group…
ICA raises concerns on anti-discrimination laws
04 February 2013
The Insurance Council of Australia says members should not have to release commercially sensitive data to consumers under proposed anti-discrimination laws…
DMF reporting to continue
04 February 2013
Discretionary mutual funds must submit another year of financial returns to the Australian Prudential Regulation Authority while consideration of how to regulate them remains “in progress”…
ICA comments on LAGIC
04 February 2013
The Insurance Council of Australia has recommended changes to proposed internal capital adequacy assessment reviews in a response to the Australian Prudential Regulation Authority’s draft prudential practice guide…
APRA releases consultation paper on data risk
04 February 2013
The Australian Prudential Regulation Authority is seeking feedback by March 29 to its draft Prudential Practice Guide 235 on managing data risk…
Vehicle repair inquiry finds no harm to consumers – yet
04 February 2013
Customers are not being disadvantaged by vehicle manufacturers restricting repair information – but that could change, according to a report by the Commonwealth Consumer Affairs Advisory Council…
APRA consults on level-three conglomerates
04 February 2013
The Australian Prudential Regulation Authority consultation on level-three conglomerates will close on March 1, after it released its proposed regulatory requirements…
NSW to review CTP pricing
04 February 2013
The NSW Government has issued terms of reference for its review of the compulsory third-party pricing strategy…
NZ maintains ACC levies, introduces risk pricing
04 February 2013
The New Zealand Government has maintained some Accident Compensation Corporation levies at current rates for the next financial year, while changing risk pricing for heavy vehicles…
Victoria establishes emergency management authority
10 December 2012
A single authority charged with ensuring emergency authorities work together and share resources will manage all major disasters in Victoria from next year…