APRA finalises GI prudential standards
10 October 2011
The Australian Prudential Regulation Authority has revised its proposed prudential standards for level two general insurers after receiving four submissions from the industry…
Regulatory & Government
McClelland wants joint approach on disasters
10 October 2011
Federal Attorney-General Robert McClelland is calling on governments and the private sector to work together on disaster management…
Supervisors update core principles
10 October 2011
The International Association of Insurance Supervisors has updated its Insurance Core Principles document…
RBNZ makes provisional licensing its insurance priority
10 October 2011
The Reserve Bank of New Zealand will ensure that insurers are on the path to obtaining a full licence by September 2013 and that by next March they meet the provisional licensing requirements…
New codes to streamline work safety
10 October 2011
Safe Work Australia is a step closer to harmonising the country’s occupational health and safety laws with the release of 15 draft codes of practice…
FOFA 2: No change for broker payments
03 October 2011
The way general insurance brokers are paid will remain exactly the same and their soft-dollar benefits will also be preserved…
Natural Disaster Insurance Review report now with Government
03 October 2011
The Natural Disaster Insurance Review handed its final report to Government on Friday…
NIBA ramps up demands to axe state taxes
03 October 2011
The National Insurance Brokers Association has urged state treasurers meeting in Canberra this week to cut premium taxes which in some cases more than double the price of insurance…
WA compo rates rise as age barrier drops
03 October 2011
WA business-owners and contractors face a 1.38% rate rise for workers’ compensation policies following the abolition of age-based limits on claims…
Policy exclusion unclear
03 October 2011
Insurance companies need to take a lead role in ensuring customers understand exactly what they are signing up for, an inquiry has heard…
ASIC defends code exemptions
03 October 2011
The House of Representatives inquiry into the insurance industry’s response to disasters has questioned the reasoning behind insurers being exempted from complying with the industry’s…
NIBA slams Vic Government for FSL tax grab
03 October 2011
The National Insurance Brokers Association has raised doubts about the Victorian Government’s proposed transition arrangements to a property-based fire services levy…
APRA plans standards for insurance in super
03 October 2011
The Australian Prudential Regulation Authority is looking at setting standards for life insurance within superannuation funds…
No reinsurance for Queensland
26 September 2011
Despite criticisms of the Queensland Government’s reinsurance arrangements, the Senate committee looking into the matter has ultimately backed Queensland’s claims that sufficient external…
Ombudsman speaks up for insurers
26 September 2011
The Financial Ombudsman Service has defended insurance companies against allegations they have not informed customers of their right to access dispute resolution facilities, and also questioned…
ASIC’s scaled advices rules worry associations
26 September 2011
Industry bodies have expressed concern with the Australian Securities and Investments Commission’s guidelines (CP164) on scaled advice…
Levy changes condemned as ‘betrayal’
26 September 2011
The Victorian Government has “let down” and “betrayed” voters by loading the Country Fire Authority’s budget with $250 million in capital expenditure before the introduction of a new property-based…
Tasmanian AR banned by ASIC
26 September 2011
A Tasmanian authorised representative has been permanently banned from providing financial services by the Australian Securities and Investments Commission…
Inquiry to examine industry response to climate change
26 September 2011
Insurers’ ability to respond to natural disasters will be scrutinised by the Productivity Commission in its inquiry into climate change adaptation…
Accounting boards define risk adjustment objectives
26 September 2011
The International Accounting Standards Board has agreed on the objectives for risk adjustment when it is reported in an insurer’s insurance contract…