icare defends data accuracy after SIRA censure
02 March 2020
NSW state insurer icare has defended the accuracy of its return-to-work data after being reprimanded by the regulator...
Regulatory & Government
Queensland counts its CTP benefits as lawyers resist changes
02 March 2020
About 61% of the premiums collected through Queensland’s compulsory third party scheme covered claimant benefits in the last financial year, according to the scheme’s regulator...
Law commission scraps individual liability proposals
02 March 2020
The Australian Law Reform Commission has dropped proposals it drafted in November aimed at increasing individual liability on insurers and other financial services industries...
APRA set to publish climate change guidance
02 March 2020
The Australian Prudential Regulation Authority plans to publish climate change financial risk guidance by the end of the year and has called on firms to provide “market-useful” information on how they are managing the risks...
NSW builders' comp review targets insurers
02 March 2020
A special review of the NSW Home Building Compensation Fund has included in its final terms of reference an investigation into insurers' participation in the loss-making scheme...
Insurers back NSW's engineer registration scheme
24 February 2020
A NSW bill that would require practising engineers to be registered is being supported by the Insurance Council of Australia...
icare flags 'fee for outcome' system
24 February 2020
NSW state insurer icare wants to introduce a "fee for outcome" system that would remunerate service-providers on the rehabilitation or return to work outcomes of injured workers...
Access fee waived for bushfire building standards
24 February 2020
The Federal Government has made access to the national bushfire construction standard free of charge until June 30 next year...
NZ sets rules for quake-strengthening assistance
24 February 2020
New Zealand has released eligibility criteria for financial assistance to help apartment and unit owners meet earthquake-prone building remediation costs...
QBE workers' comp claims role set for May start
24 February 2020
QBE will start offering NSW workers' compensation claims management services to the scheme's largest customers from May 1 under reforms to improve choice...
Insurers wary of changes to corporate criminal responsibility
24 February 2020
Proposed changes to the corporate criminal responsibility regime could "add complexity to individual liability" in areas where the Banking Executive Accountability Regime applies, the Insurance Council of Australia has warned in a submission...
Small business impacts feared from claims reform
17 February 2020
Suncorp has warned small businesses and local trades people involved in disaster recovery could be sidelined by proposed claims-handling reforms...
That's better: icare's return to work rate rises
17 February 2020
NSW state insurer icare says return to work rates and liability decision timeliness have improved after it took action to lift performance...
RACQ steps up push for CTP reforms
17 February 2020
RACQ held a citizens’ jury in Brisbane over the weekend as part of its public campaign to push for reforms to the compulsory third party (CTP) scheme in Queensland...
ICA makes case for milder compo scheme
17 February 2020
The Insurance Council of Australia has called for the design of the proposed compensation scheme of last resort to include financial services that are not solely provided by prudentially regulated firms...
New ‘sandbox’ laws benefit insurtechs
17 February 2020
Insurtechs will benefit from new federal laws that create a fintech regulatory “sandbox” aimed at boosting Innovation and competition...
Time’s running out for NZ home buyer repair scheme
17 February 2020
New Zealand’s Earthquake Commission is reminding owners of on-sold properties in Canterbury in need of repairs they have just six months left to apply for government funding...
MPs set April date for insurance scrutiny
10 February 2020
The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in April as part of its ongoing review of financial institutions...
APRA proposes opening up insurers’ data further
10 February 2020
The Australian Prudential Regulation Authority has written to general and life insurers over plans to increase the transparency of data it regularly publishes...
Bushfire royal commission ‘must tackle underinsurance’
10 February 2020
Prime Minister Scott Morrison has written to state and territory leaders seeking feedback on terms of reference for a proposed royal commission into the devastating bushfire season...