SIRA surveys stakeholders as return-to-work rates drop
10 February 2020
NSW’s State Insurance Regulatory Authority is seeking industry feedback after identifying a trend of deteriorating rates of return to work in the state last year...
Regulatory & Government
Parliament passes unfair contract terms bill
10 February 2020
Federal Parliament has passed legislation to apply unfair contract terms laws to insurance contracts...
Industry backs ‘routine’ surveys on mental health
10 February 2020
The Insurance Council of Australia has voiced support for a Productivity Commission proposal to conduct regular mental health surveys...
Compo scheme should extend to PI, says AFCA
10 February 2020
Having successfully landed management of the Government’s proposed industry-funded compensation scheme of last resort, the Australian Financial Complaints Authority is now calling for professional indemnity insurance customers to also be able to use it...
Terrorism pool ups retrocession cover
10 February 2020
The Australian Reinsurance Pool Corporation has renewed its retrocession reinsurance program for this year at $3.45 billion, up slightly from $3.315 billion last year...
Claims-handling legislation confuses brokers, insurers
03 February 2020
The National Insurance Brokers Association and the Insurance Council of Australia are calling for clarification on new claims-handling legislation due to concerns about how it will be applied in practice...
Government sets December deadline for compo scheme
03 February 2020
Treasury has released a discussion paper on its plans to set up an industry-funded compensation scheme of last resort by December...
ASIC seeks feedback on product design guidance
03 February 2020
The Australian Securities and Investments Commission has released draft guidance and a consultation paper on new product design and distribution obligations aimed at boosting consumer protections...
New conduct regime looms for industry
03 February 2020
The Federal Government intends to introduce legislation by the end of the year for a new conduct regime that would apply to insurers and other regulated financial services providers, as recommended by the Hayne royal commission...
Treasury opens draft legislation consultation
03 February 2020
Responses to draft legislation aimed at addressing issues raised by the Hayne royal commission will be accepted until February 28...
Canberra urged to act on mitigation funding ‘imbalance’
03 February 2020
The Insurance Council of Australia has again pushed for an increase in federal spending on disaster mitigation works in a pre-budget submission to the Government for the next financial year...
Victoria drops cladding from PI requirements
03 February 2020
All classes of engineers and other building professionals in Victoria will be allowed to operate with cladding exemptions on their professional indemnity insurance policies from next week...
ACT introduces its new CTP scheme
03 February 2020
The ACT’s new no-fault Motor Accident Injuries Scheme came into effect on Saturday...
Government drafts legislation obliging ASIC, APRA co-operation
03 February 2020
Australia’s much-admired “twin peaks” financial services regulatory system is about to undergo a change under draft legislation that will force the regulators to work together and share information...
Continuity rules as VMIA picks its new CEO
03 February 2020
The Victorian Managed Insurance Authority has appointed internal candidate Andrew Davies as CEO...
icare challenges critical report
16 December 2019
NSW state insurer icare has contested some aspects of a critical report that identifies the scheme’s new workers’ compensation claims model as the “primary driver” behind its deteriorating performance...
Tribunal reviews NSW home building compo scheme
16 December 2019
The Independent Pricing and Regulatory Tribunal is reviewing the NSW home building compensation scheme, which helps property owners recover money for faulty or unfinished work if their builder can’t be pursued...
Drought-hit NSW renews push for farm insurance scheme
16 December 2019
NSW has again called for a dedicated insurance scheme to protect farmers and the wider agricultural sector from future droughts and other natural disasters...
Victoria goes ahead with cladding levy
16 December 2019
Victoria will introduce a levy next month to help pay for the cladding remediation works of affected high-rise buildings...
Grenfell fire investigator tapped for building review
16 December 2019
A team of experts including Judith Hackitt, who led a review into UK building regulations after the Grenfell Tower fire, will convene next year to look at ways to reform Victoria’s troubled construction sector...