Earthquakes drive complaints to NZ insurance ombudsman
08 October 2012
Complaints and enquiries to New Zealand’s Insurance and Savings Ombudsman rose 74% in the year to June 30 as consumers and insurers disputed Christchurch earthquake claims…
Regulatory & Government
NSW appoints WorkCover review officer
08 October 2012
The NSW Government has appointed a WorkCover independent review officer, following the introduction of an external complaints resolution process for its workers’ compensation scheme…
Conciliation cuts time, WorkCover says
08 October 2012
WorkCover WA’s new conciliation and arbitration scheme is improving dispute management and enabling more timely outcomes, according to Chairman Greg Joyce…
Boards to take greater role in capital standards
01 October 2012
The Australian Prudential Regulation Authority has issued a draft guide on capital standards for general and life insurers…
ASIC details life adviser remuneration rules
01 October 2012
Advisers and brokers selling life insurance outside superannuation funds will be exempt from the Australian Securities and Investments Commission’s proposed rules on conflicted remuneration…
Insurers’ risk appetite procedures improving: APRA
01 October 2012
Insurers’ boards are dealing better with risk management, but much work still needs to be done, according to Australian Prudential Regulation Authority Executive Member Ian Laughlin…
ASIC bans adviser over insurance cover
01 October 2012
The Australian Securities and Investments Commission has banned a Melbourne financial adviser for not having professional indemnity insurance…
APRA rules on insurance payments in super
01 October 2012
Life insurance payments from a dead member of a MySuper product can be held in an investment option until distribution to beneficiaries, the Australian Prudential Regulation Authority says…
Joint regulators release report on financial conglomerates
01 October 2012
A joint meeting of global regulators has issued new principles for supervising financial conglomerates…
Tasmania keeps third party premiums on hold
01 October 2012
Tasmania’s Motor Accidents Insurance Board will hold off raising compulsory third party premiums next year after a fall in claims…
WorkCover Queensland back in the black
01 October 2012
WorkCover Queensland says it maintained a “fully funded position” in 2011/12, posting an operating profit of $199.64 million – up from a $41.71 million loss the previous year…
IOSCO calls for regulator co-operation over financial contracts
01 October 2012
International Organisation of Securities Commission Chairman Masamichi Kono says the benchmarks for financial contracts must be market-driven…
States need more insurance, Government says
24 September 2012
The Federal Government has criticised the insurance arrangements of the NT, Tasmanian, Queensland and NSW governments…
Institute disciplines Rural & General Insurance actuary
24 September 2012
The Actuaries Institute has taken disciplinary action against Graham Peter Osborn, the appointed actuary of the former Rural & General Insurance Ltd…
Directors’ liability reforms a step closer
24 September 2012
The Personal Liability for Corporate Fault Reform Bill 2012 was introduced to Parliament last week…
ASIC racing against time to approve codes
24 September 2012
The Australian Securities and Investments Commission may not approve all codes of practice in time for the start of the Future of Financial Advice reforms…
NZ Government to review EQC Act
24 September 2012
The New Zealand Government will review the Earthquake Commission Act to examine how the commission prices its insurance and the cover provided…
APRA supports Pacific insurance regulators
24 September 2012
The Australian Prudential Regulation Authority says it is helping regulators in east Asia and Pacific countries strengthen their supervision of insurers…
Thomson quits WorkCover SA
24 September 2012
WorkCover SA CEO Rob Thomson has resigned, citing personal reasons…
Seriously injured workers win 70% increase
24 September 2012
The weekly benefit for seriously injured workers in NSW has risen to a minimum of $736 per week…