AFCA consults on new funding model
14 March 2022
The Australian Financial Complaints Authority is consulting on a new user-pays funding model, which it says will be fairer and more transparent...
Regulatory & Government
Administrators appointed to funeral insurer Youpla
14 March 2022
Voluntary administrators have been appointed to funeral insurer Youpla Group Pty Ltd while a number of related businesses are in liquidation, Australian Securities and Investments Commission notices show...
NZ interim solvency standard deferred to next year
14 March 2022
A New Zealand interim solvency standard for insurers will come into effect next year after feedback suggested a proposed earlier start date was unnecessary and unworkable...
NIBA suggests 'small delay' to iron out cyclone pool issues
07 March 2022
The National Insurance Brokers Association says key concerns with the cyclone reinsurance pool should be addressed before the proposed scheme is implemented...
ASIC to toughen DDO enforcement after transition phase
07 March 2022
The Australian Securities and Investments Commission will step-up its enforcement of design and distribution obligations after taking a “best-efforts” approach during a transition phase.
Insurers freed to give flood victims quick cash
07 March 2022
Insurers can apply to make immediate $5000 emergency payments to consumers impacted by the current catastrophic flooding in Queensland and NSW after the Australian Securities and Investments Commission issued legislative relief...
NIBA rejects renaming personal advice
07 March 2022
The National Insurance Brokers Association has rejected a suggestion to rename personal advice as financial advice, warning such a change may have reputational implications for the sector...
icare freezes claim services provider switches
07 March 2022
NSW state insurer icare says it will introduce a six-month freeze on employers moving between claim service providers while it finalises an open market tender...
ICA sets out pre-election policy platform
28 February 2022
The Insurance Council of Australia has set out a policy platform for the forthcoming federal election that calls for increased resilience spending and the removal of external and artificial barriers to cover such as taxes and levies...
ASIC remakes class order for general insurance quotes
28 February 2022
The Australian Securities and Investments Commission says it has remade a class order in relation to product disclosure statement requirements where a general insurance product quote is given...
ALRC closes submissions on financial services legislation report
28 February 2022
Submissions have now closed in response to an Australian Law Reform Commission report from a three-year review of complexity in Commonwealth legislation and regulation of financial services...
ACT cladding remediation work on track
28 February 2022
Final remediation work to address combustible building cladding in the ACT is on track to be completed late this year after completion of work on four more government buildings...
WorkCover WA conference postponed as state battles worst covid outbreak
28 February 2022
WorkCover WA says its conference planned for May 25 has been postponed until later in the year because of the ongoing covid outbreak in the state...
icare tender heralds claims management overhaul
21 February 2022
NSW workers’ compensation claims management is set for major changes next year when new service providers will commence following a tender process launched last week...
Horse trainer conned WorkSafe Victoria out of $67,000
21 February 2022
A horse training company and its director who defrauded nearly $67,000 in benefit payments from WorkSafe Victoria have been ordered to return the money to the state’s workers’ compensation scheme...
Senate committee backs FAR, Compensation Scheme of Last Resort
21 February 2022
The Senate Economics Legislation Committee has recommended that bills relating to the Financial Accountability Regime, Financial Sector Reform, Financial Services Compensation Scheme of Last Resort Levy for provisions and collections be passed...
Queensland toughens rules for e-scooters
21 February 2022
Queensland has introduced tougher rules and regulations for e-scooters to reduce the risk of accidents in shared spaces such as footpaths and bike lanes...
'Discernible shift': ICA says politicians are waking up to mitigation message
21 February 2022
The Insurance Council of Australia says politicians are realising investment in natural disaster mitigation measures is required...
Cyclone issues tip of the problem, Greens Senator says
14 February 2022
Australians around the country who will not benefit from the Federal Government’s planned cyclone reinsurance bill should have their voices heard, Greens Senator Nick McKim said last week in referring the bill to committee scrutiny...
Heat placed on Queensland govt to cut taxes
14 February 2022
Queensland Senator Susan McDonald has called on the state government to take action on insurance taxes as part of measures to reduce insurance costs in disaster-prone regions...