ASIC releases PI requirements
12 April 2010
Credit licensees will be required to hold PI cover for up to $2 million per claim under regulatory guidance released by the Australian Securities and Investments Commission…
Regulatory & Government
Victorian inquiry outlines regulatory burden
12 April 2010
A Victorian inquiry into regulation barriers within the financial services sector has identified insurance tax as a concern, but is unlikely to address the issue…
Deadline extension for disclosure requirements
29 March 2010
Insurers have been granted a 12-month extension to prepare for new disclosure requirements – a decision hailed by one legal expert as “a great result”…
Fire services levy under attack in NZ
29 March 2010
Insurance industry moves to kill off the fire services levy system have spread to New Zealand with Insurance Council of NZ CEO Chris Ryan describing the current system as “broken”…
Critics attack public sector insurance appointment
29 March 2010
The appointment of former Federal ALP senator Robert Ray to a senior public sector insurance role in Victoria has raised eyebrows among critics who claim he lacks industry experience…
ACCC says no to energy co-insurance scheme
29 March 2010
The competition watchdog has ruled against a proposal by NSW Government-owned electricity generators and future private stakeholders to utilise a co-insurance scheme…
Lawyers call for consistency in accident compensation
29 March 2010
Law firm Slater & Gordon has called for greater consistency in the maximum compensation limits paid to victims of motor accidents, with Queensland trailing the other…
Insurance contracts under new scrutiny
22 March 2010
Compliance gurus are watching intently as the legislative spotlight hovers over insurance contracts…
APRA proposes new conglomerate regulation
22 March 2010
The prudential regulator is proposing new regulations for conglomerate groups to prevent the behaviour of individual business units forcing the collapse of a parent company…
Royal commission hears alternatives to fire services levy
22 March 2010
Removal of the fire services levy in WA has been a success, according to the person running the state’s emergency services…
Battle for Axa lengthens
15 March 2010
The wait to see who will eventually buy Axa Asia Pacific Holdings has been lengthened by the Australian Competition and Consumer Commission…
Federal Government criticised over tax review delay
15 March 2010
The Federal Government is under attack for failing to release the findings of the Henry tax review, nearly three months after receiving the final report…
National credit code needs work, say premium funders
15 March 2010
Premium funders are calling for changes to new national consumer credit laws that impact on the sector…
Underwriting profitability returns
08 March 2010
The insurance industry has returned to underwriting profitability with annual underwriting profit of $3.8 billion, reversing a previous loss of $1.1 billion…
Hockey sticks it to insurance taxes
08 March 2010
Shadow Treasurer Joe Hockey has promised to put insurance tax reform on the Liberal Party’s political agenda should the Henry tax review fail to address the issue…
Insurance representative cops 10-year ban
08 March 2010
Victorian insurance representative Terrence McDonald has copped a 10-year ban from the financial regulator for failing to comply with financial services laws…
Westpoint investors group to get 70% back
08 March 2010
A new $13.5 million settlement for a group of 525 investors in the failed Westpoint group will see them recover an estimated 71 cents in the dollar…
No rush for refunds on stamp duty
01 March 2010
A NSW Court of Appeal ruling that entitles some insurance clients to significant stamp duty refunds has attracted only a muted response, according to industry sources…
Auditors want mandatory risk management standards
01 March 2010
The Institute of Internal Auditors has called for strict regulatory standards around risk management, pointing to the global financial crisis as evidence of the perils of excessive risk-taking…
Group purchases may qualify for AFS exemption
01 March 2010
The financial regulator says companies arranging group insurance cover may not be required to hold a financial services licence…