Project Remediate cladding removal to start next year
06 September 2021
Flammable cladding will start to be removed from apartment blocks early next year under the NSW Government Project Remediate project after a triage process is completed...
Regulatory & Government
New Zealand regulator seeks feedback on policyholder protection legislation
06 September 2021
The Reserve Bank of New Zealand has launched consultation on whether current legislation provides insurance policyholders with the protection they expect...
ASIC to remain 'active litigator against misconduct'
30 August 2021
Australian Securities and Investments Commission Chairman Joseph Longo says the regulator will remain an “active litigator against misconduct” to protect consumers from bad corporate behaviour and practices...
Possible cyber changes could worsen affordability: ICA
30 August 2021
Providing consumers with new pathways to sue for cyber breaches could increase claims costs and contribute to wider affordability issues, the Insurance Council of Australia has warned...
NSW panel to report on decennial building defects cover
30 August 2021
The NSW Government says a Ministerial Advisory Panel is expected to report back early next year on options around introducing decennial liability insurance to cover new apartment building defects for up to 10 years...
NIBA welcomes Tasmanian action on fire levy
30 August 2021
The National Insurance Brokers Association has welcomed a Tasmanian government consultation on fire and emergency services reforms that may end a levy on business insurance premiums...
NSW to legislate workers' comp review reforms
30 August 2021
The NSW Government says it will introduce legislation covering a further eight recommendations from the McDougall review into state-owned insurer icare and workers’ compensation regulation...
APRA targets insurance affordability, climate risks
30 August 2021
The Australian Prudential Regulation Authority intends to focus on insurance affordability challenges and climate risks facing the industry in the next few years...
APRA finalises remuneration standard
30 August 2021
The Australian Prudential Regulation Authority has released its response paper confirming the finalisation of CPS 511, a prudential standard that is designed to strengthen remuneration practices across the insurance, banking, and superannuation industries...
NZ gazette outlines lockdown exemptions for insurers
30 August 2021
New Zealand health authorities say licensed insurers and broking services can carry on operating in the current lockdown, subject to the conditions as set out in a government gazette...
UAC raises concerns over proposed compensation scheme
23 August 2021
The Underwriting Agencies Council says it has raised concerns about the proposed compensation scheme of last resort in a submission to Treasury...
APRA 'increases transparency' around insurance data
23 August 2021
The Australian Prudential Regulation Authority will implement its proposal to determine general insurance class of business data submitted from the industry as non-confidential...
AV self-certification 'not strict enough': IAG
23 August 2021
A self-certification of autonomous vehicles process backed by the National Transport Commission is not rigorous enough to prevent serious safety breaches and, if introduced, must be compensated for in subsequent regulatory stages, IAG warns...
WA invites submissions to Wooroloo bushfire inquiry
23 August 2021
The WA Government is inviting submissions to an independent review into February’s devastating Wooroloo bushfire which destroyed 86 homes and burned more than 10,000 hectares...
ICA lists concerns on proposed accountability regime
23 August 2021
The Insurance Council of Australia (ICA) is concerned about “key aspects” of the proposed Financial Accountability Regime (FAR) that will impact on the successful implementation of the reforms, the peak body says in a submission to Treasury...
ASIC enforcement to take account of 'best efforts'
16 August 2021
The Australian Securities and Investments Commission says it will take account of compliance “best efforts” when enforcing a suite of reforms including design and distribution obligations that take effect in October amid ongoing COVID-19 disruptions...
Stock market disclosure reforms made permanent
16 August 2021
Federal Parliament has passed legislation that will make temporary changes to stock exchange continuous disclosure rules permanent, reducing the risk of opportunistic class actions...
Feedback sparks late DDO amendments
16 August 2021
The Federal Government will make some last-minute amendments to design and distribution obligations, due to come into effect in October, after potential unintended consequences and issues were pointed out as financial services firms prepared for the new laws...
NIBA’s Booth appointed to reinsurance pool panel
16 August 2021
National Insurance Brokers Association CEO Dallas Booth has been appointed to an expert panel advising a Treasury taskforce on the planned northern Australia cyclone reinsurance pool...
WA modernising 'archaic' workers' comp laws
16 August 2021
The WA Government has released a draft bill to replace “archaic” state worker’s compensation laws that date back 40 years...