Lack of insurance adds to construction company failure
15 February 2010
Australia’s construction union has revealed a company charged with building two Canberra suburbs operated one of its project sites without insurance…
Regulatory & Government
ASIC tightens use of credit ratings
15 February 2010
Australian financial services licensees will be prevented from disclosing their ratings to clients under changes outlined by the corporate regulator…
Competition watchdog mulls over Axa bids
15 February 2010
The battle for Axa Asia Pacific Holdings’ Australasian assets, and with it the future shape of the local financial services industry, has entered the domain of the Australian Competition…
Shark a scammer: Cronulla fan
15 February 2010
Former Cronulla Sharks CEO Tony Zappia’s alleged involvement in a life insurance scam has deepened, according to a Sydney Morning Herald report…
High Court turns tables over safety case
08 February 2010
The investigation and prosecution of occupational health and safety breaches has been fundamentally altered after a High Court ruling last week quashed a conviction…
NZ law could increase liability exposure
08 February 2010
Lawyers say a proposal to amend New Zealand legislation governing the payment of certain civil damages could increase exposure for liability insurers…
ASIC cops cost of One.Tel case
08 February 2010
The Australian Securities and Investments Commission has been ordered to pay more than $14 million in legal costs after losing its case against former directors of One.Tel…
APRA issues guidance on IT security risk
08 February 2010
The Australian Prudential Regulation Authority has released a prudential practice guide to help safeguard firms against information technology security risks…
New powers for prudential regulator
01 February 2010
The financial regulator is set to receive new powers to probe insurers, compel compliance and take swift action to save failing institutions…
Government seeks new teeth for ASIC
01 February 2010
The Federal Government wants to crack down on insider trading and other market-related offences by stiffening penalties and beefing up investigative powers…
Axe insurance taxes, says report
01 February 2010
The Federal Government must as a “matter on priority” abolish state taxes on insurance products, according to a report on Australian financial services…
HIH director appeal upheld
01 February 2010
A second non-executive director linked to the collapse of insurer HIH has successfully overturned a ban imposed by the Australian Prudential Regulation Authority…
Government insurers pay $326 million in liability claims
01 February 2010
Australian state and territory-owned general insurers paid $326 million on more than 10,000 claims for professional indemnity and public and product liability insurance in 2008…
NIBA: online disclosure the way of the future
01 February 2010
The National Insurance Brokers Association has urged regulators to introduce standard online disclosure to trim costs for insurers, brokers and customers…
Industry records $513 million underwriting loss
14 December 2009
Bad weather and soft market conditions have drained underwriting profitability for insurers, with a collective underwriting loss of $513 million in the year to June 30…
Review finds GI code working well
14 December 2009
A General Insurance Code of Practice review has recommended few changes in handing the system a clean bill of health…
Abbott names financial services spokesman
14 December 2009
New Federal Opposition Leader Tony Abbott has named National Party MP Luke Hartsuyker as the new Shadow Minister for Consumer Affairs, Financial Services…
New law will limit avoidance, says ACT
14 December 2009
The ACT Government says its new Workers’ Compensation Amendment Act, which was enacted last week, will limit opportunities for sham contracting by employers…
Comments cast longer shadow over Suncorp bank sale
14 December 2009
The sale of Suncorp’s bank to an Australian major appears even less likely following comments by Australian Competition and Consumer Commission Chairman Graeme Samuel…
Captives unhappy at new NZ insurance legislation
14 December 2009
A trade body representing New Zealand captive insurers says new legislation creates a double standard by excluding foreign subsidiaries…