Consumer groups reject opt-out in flood insurance
16 April 2012
Consumer groups have supported compulsory flood cover, but with premium discounts to ensure it is affordable for low-income earners and people living in high-risk areas…
Regulatory & Government
ICA calls for more talks on key facts sheets
16 April 2012
The Insurance Council of Australia wants further discussion with the Government on key facts sheets (KFS) before a model is released for consumer testing…
Consumer Action supports key facts sheet wording
16 April 2012
Consumer advocates support the introduction of key facts sheets on insurance policies with wording that encourages consumers to consider a total replacement policy…
Elders repays customers $5.3 million after error
16 April 2012
QBE-owned Elders Insurance has repaid customers $5.3 million to rectify underpayments on motor vehicle insurance claims…
NZ Auditor-General to investigate ACC governance
16 April 2012
New Zealand Auditor-General Lyn Provost will inquire into how the Accident Compensation Corporation manages risk at its board level, following a privacy breach…
ASIC bans Adelaide insurance adviser
16 April 2012
The Australian Securities and Investments Commission has permanently banned Adelaide financial services representative Barry David Hassell from providing financial services…
Support for NDIS, but a long way to go
16 April 2012
The states and territories have agreed to continue supporting the Federal Government’s National Disability Insurance Scheme…
Insurers explain why mandatory flood cover won’t work
02 April 2012
Insurers should have “flexibility” and not be “forced to provide flood cover”, the Insurance Council of Australia says in a submission to the Federal Government…
Draft key facts sheet is too simplistic, says NIBA
02 April 2012
The National Insurance Brokers Association says elements of the Federal Government’s proposed key facts sheet are “too simplistic”…
WorkCover WA wants feedback on brokers’ code of practice
02 April 2012
WorkCover WA has released a draft Workers’ Compensation Insurance Brokers’ Code of Practice and is seeking industry feedback…
NSW denies workers’ comp changes will result in lower payouts
02 April 2012
The NSW Government plans to reform the state’s troubled workers’ compensation scheme to bring it into line with other states, but says the overhaul will not result in lower payouts…
SA set to reform CTP scheme
02 April 2012
Road accidents are falling in SA but costs to the state’s compulsory third party insurance scheme are increasing rapidly…
APRA’s new rules on illiquidity premiums
02 April 2012
The Australian Prudential Regulation Authority has proposed a new methodology for dealing with life insurers’ illiquidity premium when calculating regulatory capital…
Government subsidies for high flood risk properties ‘unlikely’
26 March 2012
Treasury has given its strongest signal yet that the Federal Government is unlikely to offer subsidies to help make insurance premiums for properties in high flood risk areas more affordable…
Call for ACCC to investigate brokers over strata commissions
26 March 2012
The Australian Competition and Consumer Commission will be asked to investigate the use of intermediaries in negotiating strata property cover…
Call for stamp duty freeze on North Queensland strata
26 March 2012
The parliamentary committee investigating strata insurance in Far North Queensland has called for a state government moratorium on stamp duty in 2012/13…
Investment markets send WorkSafe Victoria into net loss
26 March 2012
WorkSafe Victoria almost doubled its insurance profit for the six months to December 31, but poor investment returns ran it into a net loss…
ACC announces inquiry into privacy scandal
26 March 2012
New Zealand’s state-owned Accident Compensation Corporation has launched an independent inquiry into a privacy breach after a claimant was mistakenly sent details of more than 6700 cases…
Government drops flood detail requirement on renewals
19 March 2012
The Federal Government has dropped the requirement for insurers to send clients details of flood cover on renewals…
Call for flood definition in amendment bill
19 March 2012
The Federal Opposition has criticised the Government for not including a flood definition in the Insurance Contracts Amendment Bill…