ASIC consults on consumer remediation draft guide
22 November 2021
The corporate regulator is inviting feedback on draft guidance aimed at faster remediation of consumers in insurance and banking...
Regulatory & Government
NSW workers’ comp COVID bill sent for review
22 November 2021
A NSW Parliamentary committee will review a proposed workers’ compensation change that would repeal a presumption that employees in essential areas such as healthcare caught COVID-19 while at work...
NZ regulator sets out climate disclosure implementation approach
22 November 2021
New Zealand’s Financial Markets Authority has outlined how it intends to enforce and monitor mandatory disclosures of climate-related risks...
NSW plans to repeal workers' comp COVID reform
15 November 2021
The NSW Government plans to repeal workers’ compensation changes made last year that provided essential workers with a presumed COVID-19 right amid concerns a flood of claims could cost hundreds of millions of dollars over the year ahead and drive premiums higher...
ASIC releases final cost recovery levy estimates
15 November 2021
The Australian Securities and Investments Commission has estimated it will collect about $24.702 million in levies from the general and life insurance sector for supervisory work carried out in the last financial year...
Victoria establishes event interruption insurance scheme
15 November 2021
The Victorian Government has set up an event interruption insurance scheme as part of efforts to revive the state’s pandemic-hit live music and festival scene...
ASIC seeks feedback on remaking PDS requirements class order
15 November 2021
The Australian Securities and Investments Commission today released a consultation paper proposing to remake its class order relating to product disclosure statement requirements where a quote for a general insurance product is given...
Add-on report flags concern over non-compliance, consumer harm
15 November 2021
New Zealand’s Commerce Commission says the way add-on cover is sold alongside motor vehicles has created the “potential” for non-compliance and poor consumer outcomes...
Queensland resilience funding applications open
15 November 2021
The Queensland Government says expressions of interest have opened for a $10 million natural disasters mitigation program, announced in the state budget, that aims to lower the cost of insurance in the north...
Regulator pledges to 'green' financial system
08 November 2021
The Australian Prudential Regulation Authority has outlined action underway to ensure insurers and the Australian financial system is ready to respond to economic risks posed by climate change...
NSW CTP regulator aims to claw back 'excess insurer profit'
08 November 2021
The NSW State Insurance Regulatory Authority says it will recover $91 million in excess profit from compulsory third party insurers...
Queensland boosts rising sea level defence funding
08 November 2021
The Queensland Government says an additional $3 million will be provided to expand a program to defend the state’s communities from climate change, sea level rises, storm tides and coastal erosion...
Victoria ready for fire season after pre-burning 135,000 hectares
08 November 2021
The Victorian Government says it has prepared for the summer bushfire season by investing a record $517 million, recruiting 600 seasonal firefighters and undertaking year-round planned burning...
No kidding: goat brigade chews bushfire fuel loads
08 November 2021
A herd of 40 firefighting goats are chewing through hectares of vegetation across NSW in a trial of grazing as a measure to lower bushfire risk...
Minimum building standards not adequately robust
01 November 2021
Australia’s building standards are not achieving the robustness they set out to, with internal pressure a particular issue during natural hazards, James Cook University Chief Engineer David Henderson says...
Accountability, compensation laws enter Parliament
01 November 2021
Legislation extending an accountability regime to insurance and establishing a Compensation Scheme of Last Resort has been introduced into Federal Parliament...
Class action bill enters Parliament amid funder opposition
01 November 2021
The Federal Government has introduced legislation into Parliament that aims to prevent litigation funders charging excessive fees that are to the detriment of class action members...
First removal of flammable cladding underway in Sydney
01 November 2021
Flammable cladding has been removed for investigation from a Darlington apartment block as the NSW Government kicks off its billion-dollar Project Remediate program...
RBNZ stress test shows reinsurance, weather impacts
01 November 2021
The Reserve Bank of New Zealand’s first stress test involving general insurers has highlighted the industry’s reliance on offshore reinsurance and the potential for lower profitability and reduced dividend payments in severe weather scenarios...
APRA looking for 'protection gap' answers
25 October 2021
The Australian Prudential Regulation Authority says insurance accessibility and affordability challenges for parts of the community are likely to be exacerbated by increases in the frequency and severity of natural catastrophes, and the issue is a key focus...