APRA budgets for a loss next year
16 May 2011
The Australian Prudential Regulation Authority will run at a $3.8 million loss in the next financial year, according to the Federal Budget papers…
Regulatory & Government
Victorian FSL reforms near
16 May 2011
The Victorian Government will release a consultation paper next month on a new system to fund fire services in the state…
ASIC fights ‘burden of truth’ ruling
16 May 2011
The Australian Securities and Investments Commission has won its latest legal battle against seven James Hardie directors, being granted special leave on Friday to appeal to the High Court against…
Insurance contract standard discussions continue
16 May 2011
The International Accounting Standards Board is still undecided how non-insurance goods and services should be treated in an insurance contract…
Confusion still reigns on commissions
09 May 2011
Federal Treasury has been unable to clarify conflicting statements about commissions on general insurance being sold through superannuation funds…
New ASIC and ACCC chairmen announced
09 May 2011
Two major appointments to vital regulatory bodies have been announced by the Federal Government in the past week…
NSW moves to limit directors’ liability
09 May 2011
NSW company directors and officers could still face prosecution in cases of industrial manslaughter, but WorkCover will now have to prove their case before action is taken…
Victoria holds workers’ compensation premiums steady
09 May 2011
Victoria will maintain its average rate for workers’ compensation at 1.338% for the 2011/12 financial year…
Senate recommends LMI be transferable
09 May 2011
The Senate has recommended lenders’ mortgage insurance be made transferable, despite opposition from the industry…
FOFA: Reform will restore trust, says Shorten
02 May 2011
The surprise reform in the Federal Government’s Future of Financial Advice package announced last week has been the banning of commissions on life insurance sold within superannuation…
Paper proposes separate compo scheme for consumers
02 May 2011
A new Federal Government paper on compensating consumers has called for a scheme to be established to reduce the reliance on professional indemnity insurance…
Queensland stonewalling delays Senate report
02 May 2011
A lack of responses has led to a Senate report on the insurance arrangements of the state and territory governments and the flood levy to be delayed until June 30…
Disaster preparedness under review
02 May 2011
Recommendations to better prepare for the next natural catastrophe will be presented to Attorney-General Robert McClelland later this month…
Reinsurance pool members reappointed
02 May 2011
Assistant Treasurer Bill Shorten has reappointed two board members of the Australian Reinsurance Pool Corporation for a further three years…
New NZ authority gets a budget
02 May 2011
The New Zealand Government has given the new Financial Markets Authority a $NZ24 million ($17.6 million) budget…
APRA issues guidelines on capital standards
18 April 2011
The Australian Prudential Regulation Authority has issued a set of answers to general insurers’ concerns on capital adequacy standards…
WA WorkCover rates rise 3.3%
18 April 2011
WorkCover rates in WA will rise by 3.3% for 2011/12, with the average recommended premium rate being 1.547% of total wages…
Insurers facing ‘unprecedented regulation’
18 April 2011
A meeting of insurance executives and regulators in Geneva has heard that governments are seeking to impose an unprecedented amount of regulation on insurers, and there is anxiety that the…
NZ’s new regulator to start on May 1
18 April 2011
The NZ Financial Markets Authority will now start on May 1 after the bill setting it up passed its third reading in Parliament…
Surprise as GIO dropped from Victorian comp scheme
11 April 2011
Suncorp subsidiary GIO has been dropped from Victoria’s workers’ compensation scheme – and it’s not happy with the decision…