ASIC updates PDS guide
13 September 2010
The Australian Securities and Investments Commission has released an updated guide on product disclosure statements and obligations…
Regulatory & Government
APRA makes a plea for financial data
13 September 2010
The Australian Prudential Regulation Authority has written to companies it regulates seeking their co-operation in continuing to report the financial results of any parent companies…
NZ Insurance Act passed
06 September 2010
New Zealand’s Insurance (Prudential Supervision) Act has been passed, with the local industry giving the legislation enthusiastic support…
Queensland cuts cost of CTP
06 September 2010
The Queensland Parliament has moved to ban the payment of commissions by compulsory third-party insurers to motor dealers…
Hardie held liable for tax bill
06 September 2010
A Federal Court of Australia ruling last week found the James Hardie Group liable for a $412 million tax bill…
Data loss risks licence loss
30 August 2010
Australian insurers losing client data come under scrutiny from both the prudential and corporate regulators, and risk losing their licences…
ACCC regulation changes to impact industry
30 August 2010
New mandatory product safety reporting requirements will be a “double-edged sword” for product liability insurers, according to a legal expert…
APRA keeping an eye on insurance
30 August 2010
The Australian Prudential Regulation Authority will continue “stress-testing” the general insurance industry as part of its supervision of financial services…
Premium funders seek Treasury exemption
23 August 2010
Insurance premiums funders will petition Federal Treasury for an exemption to new credit licence regulations after the Australian Securities and Investments Commission…
Mutuals avoiding levy, say firemen
23 August 2010
The New Zealand Fire Service is pursuing “mutual organisations” which provide a form of risk cover to customers in place of insurance, thereby avoiding the fire services levy attached to property…
Car theft prevention programs rewarded
23 August 2010
Two NSW municipalities have received additional state and federal government funding to build on existing car theft prevention initiatives…
ACCC chair avoids NAB/Axa conflict
23 August 2010
Australian Competition and Consumer Commission Chairman Graeme Samuel has distanced himself from the NAB/Axa merger consultations…
OAMPS restrains former employee
16 August 2010
OAMPS Insurance Brokers has won a restraining order banning a former staff member from soliciting its clients for one year…
Funder earns $1 million in Westpoint action
16 August 2010
Litigation funder IMF’s legal action against Quantum Securities (now Minox Securities) and QBE over the collapse of Westpoint has seen the company earn $2 million in revenues…
Former Westpoint manager to stand trial
16 August 2010
Former Westpoint Chief Financial Controller Graeme Rundle is to stand trial in the Sydney District Court on criminal charges brought by the Australian Securities and Investments Commission…
Global standards set for overhaul
09 August 2010
Significant changes to international insurance accounting standards are expected to have less impact in Australia due to the “best practice” system that already operates here…
ACCC wants input on NAB/Axa plan
09 August 2010
The Australian Competition and Consumer Commission wants the financial services industry to comment on proposed undertakings given by National Australia Bank regarding its plans…
Cost of workers’ comp a top concern
09 August 2010
The cost of workers’ compensation is among the top concerns of Australian business, according to a survey by the Australian Chamber of Commerce and Industry…
Victorian emergency chief stays
09 August 2010
Victorian Emergency Services Commissioner Bruce Esplin has decided to stay in the role despite being ruled out for the new Victorian Fire Commissioner position…
Bushfires commission wants fire services levy scrapped
02 August 2010
The 2009 Victorian Bushfires Royal Commission has called for the fire services levy to be replaced by a property-based levy…