ICA calls for change in NSW building laws
27 August 2012
The Insurance Council of Australia wants a number of legislative changes to be made to the NSW Home Building Act…
Regulatory & Government
NZ ACC rapped over privacy breach
27 August 2012
New Zealand’s Accident Compensation Corporation lacks a “privacy mindset”, according to a report on a privacy breach in which 6748 claimants’ personal details were mistakenly sent to a client…
Council calls for more work on SA’s PI legislation
27 August 2012
South Australia’s Professional Standards Act, which regulates professional indemnity schemes, has largely achieved its goals, the Insurance Council of Australia says…
ICA supports ACT third party changes
27 August 2012
The Insurance Council of Australia has called on the ACT Legislative Assembly to vote reforms to the territory’s compulsory third party (CTP) insurance scheme into law…
APRA fees rise as supervision increases
20 August 2012
The Australian Prudential Regulation Authority will increase its levies on users by 13.8% to $112.9 million this year and says it will maintain a heightened level of supervision in response to global…
Directors’ liability reforms released
20 August 2012
The Treasury has released the third and final part of the Federal Government’s Personal Liability for Corporate Fault Reform Bill 2012 for public comment…
ASIC sees need for more ‘key facts’ documents
20 August 2012
Short documents like key facts sheets being introduced to home and contents policies will help the Australian Securities and Investments Commission in its campaign to encourage greater levels…
NSW lawyers say workers’ comp law favours insurers
20 August 2012
Lawyers in NSW have condemned a change to workers’ compensation legislation that makes injured staff pay their own legal costs, saying it favours insurers over claimants…
Midwives get extension on PI exemption
20 August 2012
Midwife groups have welcomed the decision by health ministers to extend until June 2015 the professional indemnity insurance exemption for privately practising midwives…
New Zealand amends its insurance jurisdictions
20 August 2012
The Reserve Bank of New Zealand has published amendments to the Insurance (Prudential Supervision) Act…
NZ broker/developer pleads guilty in fraud trial
20 August 2012
A New Zealand insurance broker and property developer has pleaded guilty to 25 counts of fraud and perverting the course of justice dating back to 2002…
Government thinking about best interests duty for brokers
13 August 2012
The Government is considering how the “best interests” duty regulations will apply to general insurance products…
Best interests duty applies to scaled advice
13 August 2012
All brokers and life insurance advisers will still have to apply the “best interests” duty when giving scaled advice…
Key facts sheet draft regulations released
13 August 2012
Federal Treasury has released exposure draft regulations for the provision of key facts sheets for home building and home contents insurance policies…
NZ opens door to fire services funding review
13 August 2012
The New Zealand Government has announced a review of the country’s fire services, which receive funding via levies on insurance policies…
Statements of advice to be consumer-tested
13 August 2012
The Australian Securities and Investments Commission is seeking licensees and industry associations to conduct consumer tests on statements of advice…
APRA proposes further changes to LAGIC reporting
13 August 2012
The Australian Prudential Regulation Authority has released more proposed changes to insurers’ reporting requirements…
Qld Government brings in US experts to review Seqwater report
06 August 2012
The Queensland Government has commissioned two US agencies for an independent review of Seqwater’s report into the January 2011 floods…
Group insurance governance worries APRA
06 August 2012
The Australian Prudential Regulation Authority is continuing to work with group life insurers to improve governance in the sector, says Executive Member Ian Laughlin…
Royal commission monitor notes ‘no progress’ on FSL abolition
06 August 2012
The monitor for the 2009 Victorian Bushfires Royal Commission says he has no evidence of progress to remove the fire services levy…