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...
Regulatory & Government
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...
AICLA pursues clarity on claims handling licensing
08 March 2021
The Australasian Institute of Chartered Loss Adjusters is developing guidelines for members on licensing requirements under new claims handling and settlement legislation passed late last year...
Brokers named for NSW builders warranty panel
08 March 2021
NSW state-owned insurer icare has reduced the size of its Home Building Compensation Fund panel to nine distributors after completing a tender process...
Litigation funders hit out at moves to ease disclosure rules
08 March 2021
The Association of Litigation Funders of Australia has described as “legislative assault” the plans by the Federal Government to permanently ease the disclosure rules for listed companies...
Independent review lists 76 recommendations for icare board’s consideration
08 March 2021
An independent review into icare has submitted its final report to the state insurer’s board, tabling 76 proposals to strengthen the organisation...
RBNZ amends solvency standard principles after feedback
08 March 2021
The Reserve Bank of New Zealand has released revised principles for its Insurance Solvency Standards review that it says are more “fit for purpose” following feedback from the industry and other groups...