ASIC proposes new training scheme for financial advisers
11 April 2011
The Australian Securities and Investments Commission is proposing that all new and existing financial advisers pass a “financial services competency certification” examination…
Regulatory & Government
New standards for insurance contracts looming
11 April 2011
Australian insurers will have to revalue their insurance contracts when the International Financial Reporting Standards accounting guidelines on insurance contracts come into force…
Coalition continues support for commissions
11 April 2011
The Federal Coalition will continue its support for retaining life insurance commissions, citing UK moves to exclude them from its retail distribution review…
Deadline for advisers providing tax advice
11 April 2011
Financial advisers will be able to provide tax advice until June 30 next year under an extension announced by Assistant Treasurer Bill Shorten…
APRA approves Tower deal
11 April 2011
Dai-ichi Life has received approval from the Australian Prudential Regulation Authority for its takeover of Tower Australia…
NZ authority to start in May
11 April 2011
The New Zealand Financial Markets Authority will be operational in May, a spokesman for the Commerce Minister Simon Power told insuranceNEWS.com.au…
O’Farrell Government ‘aware of fire services levy issue’
04 April 2011
NSW Premier Barry O’Farrell’s has announced his new cabinet, with no change from the opposition line-up for those who are now responsible for major insurance-related matters…
Brokers meet NZ register deadline
04 April 2011
The general insurance industry seems to have been more prepared for New Zealand’s new Financial Service Providers Register than their financial services counterparts…
Life insurers will need more capital for solvency regulations
04 April 2011
Life insurers are expected to need serious increases in capital levels to meet the proposed requirements of the Australian Prudential Regulation Authority…
Victorian Government in insurance talks with Swiss Re
04 April 2011
The Victorian Government has held talks with the head of Swiss Re’s global partnerships division regarding the state’s insurance arrangements…
Government outlines disaster cover review plan
28 March 2011
The Federal Government has given some indication of the direction being taken by its disaster insurance review, with Attorney-General Robert McClelland saying the US National Flood…
ACT Greens put brakes on CTP reforms
28 March 2011
The ACT Government’s compulsory third party reforms face a last-minute roadblock after a Greens Party MP called last week for further review…
NZ brokers and advisers sign up – but how many?
28 March 2011
Uncertainty reigns over the number of brokers and financial advisers that have registered for NZ’s Financial Service Provider Register…
ICA defends mortgage insurance
28 March 2011
The Insurance Council of Australia has defended the lack of portability in lenders mortgage insurance, despite Federal Government moves to make the transfer of mortgages between banks…
IASB defines insurance contracts
28 March 2011
The International Accounting Standards Board has tentatively decided that insurance contract assets and liabilities should initially be recognised when the coverage period begins…
APRA creates ‘catastrophe watch’ team
21 March 2011
The Australian Prudential Regulation Authority has put together a team of specialist staff to assess the impact of the recent natural catastrophes in Australia and NZ on the overall insurance industry and…
Concerns grow on FOFA timetable
21 March 2011
The delayed release of the Future of Financial Advice reform bill is causing concerns about a timetable for implementation…
Older WA workers get access to compensation
21 March 2011
WA’s ageing workforce participants a can now access worker’s compensation under new reforms abolishing age limits…
ASIC puts consumer information online
21 March 2011
The Australian Securities and Investments Commission has launched a personal finance information service for consumers…
ASIC seeks General Insurance Code of Practice amendment
14 March 2011
Insurers will soon be required to ask customers who contact them for information about their policy coverage whether they would like to make a claim…