Draft UCT law could lead to increased costs: ICA
25 November 2019
Consumers could ultimately be forced to pay higher premiums if the Government pushes ahead with its draft bill to extend unfair contract terms to insurance contracts...
Regulatory & Government
icare expects another testing year after workers’ comp loss
25 November 2019
NSW state-owned icare has warned of another testing year after its main workers’ compensation scheme swung to a $876 million net loss amid falling bond yields and rising medical costs...
APRA sets out tougher stance on culture risks
25 November 2019
The Australian Prudential Regulation Authority has put financial services firms on notice with its plans for scaling up a tougher approach towards governance, culture, remuneration and accountability...
New SIRA standards for insurers
25 November 2019
The NSW State Insurance Regulatory Authority is launching new customer service conduct standards for insurers who engage with people making a compulsory third party or workers’ compensation claim...
ASIC seeks ways to use new powers, penalties
25 November 2019
Australia’s financial regulator is actively pursuing cases which will allow it to utilise new powers and penalties granted by Parliament...
AFCA appoints General Counsel
25 November 2019
The Australian Financial Complains Authority has appointed Anna Campbell to a new position of General Counsel...
PI dilemma leads to call for delay in NSW building reforms
18 November 2019
The NSW Government has been urged to put on hold plans requiring building practitioners to hold full professional indemnity cover until it has engaged with the insurance industry...
ICA calls for ‘flexibility’ to proposed add-on reforms
18 November 2019
The Australian Securities and Investments Commission’s planned deferred sales model should be amended to remove some of the “granular and rigid” sections, according to feedback...
EQC pledges improved response after failings
18 November 2019
New Zealand’s Earthquake Commission says it is continuing to overhaul its operating model following failures identified after the devastating Canterbury earthquakes...
Court ruling highlights owner-builder risks
18 November 2019
A WA court ruling has highlighted the insurance obligations of owner-builders if they sell their property within seven years of receiving a permit, the state’s regulator says...
WorkCover WA announces new CEO, claims drop stabilising
18 November 2019
WorkCover WA has appointed Chris White as CEO for five years. His term started last week...
AFCA tool puts insurers under claims spotlight
11 November 2019
The Australian Financial Complaints Authority will update publicly released data twice a year that identifies individual insurers as it aims to boost performance through increased transparency...
Financial sector 'falling behind' on cyber security standards
11 November 2019
There have been 36 notifications of cyber breaches in the four months since the Australian Prudential Regulation Authority’s cyber-security information standard was implemented, the regulator says...
NZ Parliament passes zero target climate action bill
11 November 2019
New Zealand has passed legislation to drive the country towards zero net carbon emissions by 2050, with the exclusion of short-lived gases emitted by plant and animal sources...
ESL error sparks fresh reform calls
11 November 2019
The Insurance Council of Australia has again urged the NSW Government to reform the Emergency Services Levy after an erroneous note was sent to insurers by Revenue NSW...
NSW Government to keep cladding list secret
11 November 2019
The NSW Government has cited security concerns, such as arson and terrorism, as the reason for its decision not to release to the public the list of 444 buildings in the state with potentially dangerous cladding...
PI cladding extension may be needed: ICA
11 November 2019
The ongoing professional indemnity stalemate could drag on longer than expected, according to the Insurance Council of Australia..
icare confirms state workers' comp claims agents
11 November 2019
NSW state insurer icare has reappointed Allianz, EML and QBE and added GIO to provide claims management services for the Treasury Managed Fund workers’ compensation portfolio...
AFCA searches for new ombudsmen
11 November 2019
The Australian Financial Complaints Authority is searching for someone to take up the newly created position of Lead Ombudsman – Systemic Issues and Remediation...
NIBA seeks legal advice on Westpac ruling
04 November 2019
The National Insurance Brokers Association is seeking legal opinion on repercussions from a Federal Court decision that found Westpac subsidiaries breached their licences by offering personal advice to customers...