ASIC still working on codes of conduct
04 June 2012
The Australian Securities and Investments Commission will start approving industry associations and individual firms’ codes of conduct this year…
Regulatory & Government
NSW WorkCover agents ‘too young and inexperienced’
04 June 2012
Insurance staff handling claims under the NSW WorkCover scheme are very young and have no medical experience, the parliamentary committee inquiring into the scheme has heard…
Insurance escapes increased APRA levies
04 June 2012
The Australian Prudential Regulation Authority plans to increase financial services industry levies from $99.2 million in the current financial year to $112.9 million in 2012/13…
CTP rises in SA budget
04 June 2012
The SA Government has raised its compulsory third party premiums by nearly 5% in its 2012/13 budget…
Draft standard for insurance contracts moves closer
04 June 2012
The International Financial Reporting Standards draft document on how insurance contracts are treated in an insurer’s accounts is expected to be released in the second half of the year…
IAIS releases proposed assessment methods
04 June 2012
The International Association of Insurance Supervisors has released its proposed assessment methods for identifying “global systemically important insurers” – companies so large that their failure…
ICA supports NSW WorkCover reforms
28 May 2012
NSW WorkCover will be improved by an earlier reduction in benefits and centralised independent medical assessment, the Insurance Council of Australia has told the parliamentary joint…
Fault-based CTP scheme ‘isn’t cost-effective’
28 May 2012
SA’s compulsory third party insurance scheme is under review, with the State Government saying it’s not cost-effective and most of its resources are spent on minor claims…
APRA warns on life insurance practices
28 May 2012
The Australian Prudential Regulation Authority says it wants to see significant improvement in the group life insurance market, where competition is putting pressure on pricing, underwriting…
Christchurch earthquake bill put at $NZ30 billion
28 May 2012
The Christchurch earthquakes caused more than $NZ20 billion ($15.4 billion) damage, and business disruption, insurance and other costs will add another $NZ10 billion ($7.7 billion) according to…
Sydney adviser suspected of fraud
28 May 2012
The Australian Securities and Investments Commission has taken out an injunction to prevent a Sydney financial adviser from carrying on a financial services business…
Regulations on flood definition, key facts sheets near
21 May 2012
Regulations accompanying the Insurance Contracts Amendment Act are expected to take effect in the next few weeks…
Tasmania to increase insurance taxes
21 May 2012
The Tasmanian Government has increased insurance taxes in its 2012/13 Budget as the state looks for other sources to compensate for falling revenue…
WorkCover WA tightens up on claims histories
21 May 2012
WorkCover WA will no longer supply workers’ compensation claims histories to employers and prospective employers…
ASIC chief to head global securities body
21 May 2012
Australian Securities and Investments Commission Chairman Greg Medcraft is to become chairman of the International Organisation of Securities Commissions next March…
WA insurer to increase return
21 May 2012
The Insurance Commission of WA will deliver a $30.4 million return to the state this year, a 45% increase, due to improved profitability and investment returns…
Opposition rising to NSW WorkCover overhaul
21 May 2012
The various parties involved in NSW WorkCover are squaring up over proposed reforms…
Motor insurers under spotlight in NSW
21 May 2012
Motor insurers’ profits and costs are to be looked at as the part of a NSW Government review of compulsory third party pricing…
WA launches bushfire management agency
21 May 2012
The WA Government has established an Office of Bushfire Risk Management to independently assess the risks of prescribed burns…
Canberra takes $175 million from Australian Reinsurance Pool
14 May 2012
The Federal Government will take $175 million from the Australian Reinsurance Pool Corporation in 2012/13 in a $100 million special dividend and a $75 million annual dividend…