APRA defers capital rules for insurers
19 March 2012
The Australian Prudential Regulation Authority has delayed the start of the “horizontal requirements” of the Insurance Concentration Risk Charge until January 1 2014…
Regulatory & Government
Senate calls on Treasury for consumer credit insurance guidance
19 March 2012
A senate committee looking at the Future of Financial Advice reforms has called on Treasury to provide guidance on conflicted remuneration for consumer credit insurance…
Victorian Government mulls merger of accident agencies
19 March 2012
The Victorian Government is considering merging the two state-owned accident schemes, WorkSafe and the Transport Accident Commission…
New chairman for financial services committee
19 March 2012
NSW MP Deb O’Neill has been appointed as the new Chairman of the Parliamentary Joint Committee on Corporations and Financial Services…
States using federal disaster fund as their insurer
12 March 2012
A Federal Government review of the states’ disaster insurance says some of them are using the Commonwealth’s disaster arrangements as their insurer or reinsurer, rather than buying adequate cover for their assets…
ASIC bans Sydney adviser over life insurance applications
12 March 2012
The Australian Securities and Investments Commission has banned a Sydney financial adviser who falsified more than 60 life insurance policies to collect commissions…
New board named for what’s left of AMI
12 March 2012
The New Zealand Government has appointed board members to Southern Response Earthquake Services – the government-owned body set up to handle the residual parts of AMI Insurance following its sale to IAG NZ…
Law expert to run Centre for Finance and Regulation
12 March 2012
The NSW Government has appointed international law specialist Ros Grady as CEO of the new Centre for International Finance and Regulation…
Accounting boards to issue guidance on events
12 March 2012
The financial accounting standards boards have agreed to issue guidance on how insurers should treat infrequent insured events in insurance contracts…
Parliamentary report calls for greater regulation of insurers
05 March 2012
The House of Representatives Social Policy and Legal Affairs Committee’s report into the insurance response to natural disasters has recommended that the Government give the…
Key facts sheet submissions open
05 March 2012
The industry has until March 23 to comment on the proposed key facts sheet that insurers will be required to give to consumers seeking home building and contents cover…
Consumers to pay FOFA bill
05 March 2012
Consumers will have to pay for the Future of Financial Advice changes, because the industry doesn’t have the margins to absorb those costs…
Industry funds still pushing for life commissions ban
05 March 2012
If life insurance commission are not banned within superannuation, advisers could exploit fund members to earn more income, according to an industry superannuation body…
Life insurance advisers face income ban, super specialist warns
05 March 2012
Advisers providing life insurance services within superannuation cannot be paid if the Future of Financial Advice ban on commissions goes ahead…
SA considers changes to CTP scheme
05 March 2012
SA Treasurer Jack Snelling has flagged plans to alter the state’s compulsory third party insurance scheme…
Insurers’ risk appetite statements lacking, says APRA
27 February 2012
The Australian Prudential Regulation Authorityis increasing its focus on how insurers set their risk appetite after reviews raised questions over the analysis behind risk-setting and boards’ involvement…
Jump in claims going to external dispute resolution
27 February 2012
Claims going to external dispute resolution are rising strongly, General Insurance Ombudsman John Price told last week’s Regulatory Update conference in Sydney…
Shorten tells insurers to get with the times on older workers
27 February 2012
Financial Services Minister Bill Shorten has told insurers they need to “get with the times” and offer income protection and workers’ compensation insurance to older workers…
ASIC looks at comparison websites
27 February 2012
The Australian Securities and Investments Commission is considering holding a review into comparison websites…
NIBA questions changes to contracts law
27 February 2012
The National Insurance Brokers Association has questioned the legal basis for the proposed changes to the unfair terms provisions in the Insurance Contracts Act…