AFCA urges more add-on disclosure
24 August 2020
The Australian Financial Complaints Authority wants commissions and claims ratios included in compulsory disclosures for add-on insurance sold with motor vehicles...
Regulatory & Government
New quad bike safety standard to apply from October 11
24 August 2020
A new government quad bike safety standard is to take effect from October 11 in a crackdown on the rate of fatalities, particularly on farms where these accidents are the leading cause of death and severe injury...
Cyclone reinsurance pool: Canberra still weighing options
17 August 2020
The Federal Government is still looking at a Commonwealth-funded reinsurance cyclone pool for northern Australia, but it has not ruled out other options as a three-year inquiry into the region’s premium affordability problem nears completion...
IFRS 17 should have little impact on insurers’ ratings: S&P
17 August 2020
S&P Global Ratings is not expecting to make any rating changes when accounting rule IFRS 17 comes into effect in January 2023, changing the way insurers prepare their financial statements including profit and loss accounts...
WA passes workers’ comp COVID bill
17 August 2020
The WA Parliament has passed a bill to support healthcare employees who require access to workers’ compensation entitlements if they contract the COVID-19 virus...
GB creates online portal for injured workers
17 August 2020
The Victorian Workers’ Compensation team at Gallagher Bassett has created an online portal to ease access to claim information and upload documents...
Bushfire recovery grants offered to Victorian communities
17 August 2020
Charities, not-for-profits and other local community service providers across Victoria, as well as local government authorities and four alpine resorts, have been invited to apply for $7.5 million in bushfire recovery grants...
EQC backs changes to tenancy laws
17 August 2020
New Zealand’s Earthquake Commission has backed changes to tenancy laws that give renters greater flexibility to make minor alterations or additions that will secure their furniture and appliances against seismic movements...
New Zealand sets new solvency return requirements
17 August 2020
Non-exempt insurers in New Zealand will be required to submit solvency return projections on two bases starting from next month, as part of changes made by the central bank...
NSW workers’ comp review ‘an important step’
10 August 2020
The State Insurance Regulatory Authority says a review of icare by retired Supreme Court judge Robert McDougall will be an important opportunity to consider the performance of the scheme...
APRA to resume consultations and issue new insurance licences
10 August 2020
Public consultations on key policy areas such as insurance capital reforms, suspended since late March because of the pandemic, will resume, the Australian Prudential Regulation Authority announced today...
APRA watching for 'severe stress' as crisis drags on
10 August 2020
Australian Prudential Regulation Authority Chairman Wayne Byres has warned the worst from the pandemic is not over, revealing it remains on the alert for potential “severe stress” on the insurance and broader financial services sector...
ASIC product intervention submissions window closing
10 August 2020
Stakeholders have been invited to provide feedback on proposed product intervention measures relating to add-on insurance sold with motor vehicles by August 19...
NSW to set up new injury scheme complaints body
10 August 2020
Dispute resolution for the NSW workers’ compensation and compulsory third party schemes will be handled by a single tribunal in a change to simplify the system...
AFCA appoints head of membership services
10 August 2020
The Australian Financial Complaints Authority has appointed Campbell Daff to the newly created position of Head of Membership Services...
SIRA CEO condemns icare at NSW Parliamentary inquiry
03 August 2020
State Insurance Regulatory Authority CEO Carmel Donnelly has condemned the performance of icare in an appearance before a NSW Parliamentary inquiry and says she is concerned over the lack of progress on an action plan set out last year to improve performance...
ICA renews push for tax reform
03 August 2020
The Insurance Council of Australia says tax reform will help consumers as the nation’s economy adjusts to the impact of COVID-19...
ASIC demands faster complaints handling
03 August 2020
The Australian Securities and Investments Commission will require faster handling of consumer complaints under new rules that also demand proactive responses to issues raised on companies’ social media sites...
Industry pushes for reform of class action laws
03 August 2020
The insurance industry has made its case before a parliamentary inquiry into the class action system, pushing for reforms to arrest the sharp escalation in directors’ and officers’ premiums...
APRA drops blanket advice to defer dividends
03 August 2020
The Australian Prudential Regulation Authority has written to insurers to update its capital management guidance, easing restrictions around paying dividends...