SIRA action spurs workers’ comp policy purchases
12 April 2021
The State Insurance Regulatory Authority says an additional $1.3 million in workers’ compensation premium has been raised following non-insurance investigations...
Regulatory & Government
Victoria building consultation flags insurance reform
12 April 2021
The Victorian Government is seeking feedback on ways to improve existing insurance arrangements as part of a wide-ranging review of the state’s troubled building sector...
BI cost linked to exclusion zones, research finds
12 April 2021
Applications of exclusion zones in areas affected by a terrorism incident or other major disruptive event could result in up to 10 times the insured loss expected from physical damage due to business interruption, new research from the Australian Reinsurance Pool Corporation has found...
ANZ granted Comcare self-insurance licence
12 April 2021
Australia and New Zealand Banking Group has been approved as a self-insurer in the Commonwealth workers’ compensation scheme Comcare...
Industry ‘prepared’ for unfair contract terms
29 March 2021
Insurers have been working closely with the Australian Securities and Investments Commission to prepare for next week’s application of unfair contract terms to insurance contracts, the Insurance Council of Australia says...
NSW workers’ comp premiums set to rise
29 March 2021
NSW workers’ compensation premiums may rise 2.9% for the next two financial years under annual increases sought by state-owned insurer icare in response to increasing costs...
NSW insurance regulator seeking new CEO
29 March 2021
The NSW State Insurance Regulatory Authority will advertise for a new CEO to take over from Carmel Donnelly, who is set to become chairman of the state’s Independent Pricing and Regulatory Tribunal by July...
Regulator pilot tests cyber security protocols
29 March 2021
The Australian Prudential Regulation Authority is testing the cyber security chops of selected regulated entities as it cracks down on vulnerability in Australia’s financial system...
Tasmania tackles underinsurance with new toolkit
29 March 2021
A new Insurance Checkup website is allowing Tasmanians to assess their insurance and receive a personalised, step-by-step checklist of things to consider...
APRA’s Rowell shifts into insurance
22 March 2021
Australian Prudential Regulation Authority Deputy Chairman Helen Rowell will take over responsibility for insurance after leading a period of extensive change in the regulation of superannuation during the past seven years...
Long-term study tracks NSW injury scheme outcomes
22 March 2021
Claimants in compulsory third party or workers’ compensation schemes for longer periods are more likely to report poorer experience and outcomes and a lesser sense of justice or trust, a first report from long-term research commissioned by the NSW State Insurance Regulatory Authority says...
Senate steps up fintech work
22 March 2021
The Australian Senate last week voted to “expand the scope and length” of the Fintech Select Committee to further strengthen the country’s position as a global financial and technology hub...
SIRA quarterly icare audits on hold amid changes
22 March 2021
The NSW State Insurance Regulatory Authority has put quarterly audits of icare on hold until the second half of this year as a new leadership team settles into top positions at the insurer and moves ahead with reforms...
FMA CEO resigns, names team to oversee new advice regime
22 March 2021
New Zealand’s Financial Markets Authority is searching for a new CEO to take over from Rob Everett, who has resigned and will leave the regulator towards the end of the year...
APRA to monitor Allianz progress in fixing governance, compliance issues
15 March 2021
Allianz Australia will complete a series of “transformation programs” to improve its handling of risk maturity, compliance, conduct and culture as part of a court enforceable undertaking with the prudential regulator...
ASIC sets out proposed approach for add-on deferred sales model
15 March 2021
Consultation papers over the implementation of the deferred sales model for add-on insurance, which will start on October 5, have been released by the Australian Securities and Investments Commission...
AFCA warns of ongoing COVID impacts
15 March 2021
The Australian Financial Complaints Authority has warned financial firms must continue to resolve issues quickly as some customers face increasing pressures with the winding back of Government COVID-19 support measures...
FMA warns on misconduct after ANZ court decision
15 March 2021
The Financial Markets Authority has warned companies that they face court action and severe financial penalties for misconduct, after successfully initiating proceedings against ANZ New Zealand...
APRA delays cyber data collection start after feedback
15 March 2021
The Australian Prudential Regulation Authority has pushed back its timetable for cyber and management liability data collection in response to insurance industry feedback...
Industry to pay about $16.4 million in funding levies to ASIC
08 March 2021
The corporate regulator expects to bill the insurance industry - both general and life - about $16.44 million in funding levies to pay for the cost of its regulatory activities in the last financial year...