AFCA forces $185 million in payouts
04 November 2019
Insurers and other financial services providers returned about $185 million to consumers in disputes overseen by the Australian Financial Complaints Authority in its first year of operation...
Regulatory & Government
CTP profits capped at 10% under NSW rules
04 November 2019
Insurer profits from the NSW compulsory third party scheme will be capped at 10%, while losses will be limited under rules confirmed last week...
APRA flags need for extra funding boost
04 November 2019
The Australian Prudential Regulation Authority will probably need an increase of up to 20% in funding to help it take up the reform measures made in an independent capability review...
Victoria tables tougher laws to clip 'phoenix' builders
04 November 2019
The Victorian Government has proposed stiffer laws that it says would clamp down on so-called “phoenix activity” – a term that refers to builders who declare bankruptcy to avoid sanctions for shoddy works before resurfacing as a new business...
NZ consults on mandatory climate risk disclosure
04 November 2019
Public consultation is underway in New Zealand on a proposed regime requiring companies to report their climate-related financial risks...
AFCA appoints COO, customer relations head
04 November 2019
The Australian Financial Complaints Authority has appointed Justin Untersteiner as COO, starting in December...
NZ beefs up financial regulator’s litigation fund
04 November 2019
New Zealand has increased the litigation budget at the Financial Markets Authority as the regulator prepares to oversee a new conduct regime that promises strong penalties for financial institutions which breach their obligations...
RBNZ updates insurer data collection templates
04 November 2019
The Reserve Bank of New Zealand has published new reporting templates for insurers on its data collections webpage...
ICA criticises insurance monitor cost
28 October 2019
The Insurance Council of Australia has questioned the ongoing role of the NSW Emergency Services Levy Monitor, which has cost taxpayers almost $11 million since it was established in 2016...
NZ thinks again on fire levy funding
28 October 2019
New Zealand’s Internal Affairs Department has called for submissions on whether the controversial insurance-based levy to fund fire and emergency services should be replaced by an alternative arrangement...
Queensland MP backs ACCC fix for premium woes
28 October 2019
North Queensland independent MP Jason Costigan has voiced support for controversial measures the competition watchdog has submitted as a way out of the region’s struggle with insurance affordability...
EQC to take over Southern Response claims settlement function
28 October 2019
New Zealand’s Southern Response will wind up its in-house claims settlement function by the end of this year, with remaining claims to be handled by the Earthquake Commission to reduce costs as the number of unresolved Canterbury earthquake cases declines...
NSW to award $600,000 in climate change resilience grants
28 October 2019
The NSW Government is offering $600,000 to communities across the state to reduce the effects of climate change...
SA names cladding response overseer
28 October 2019
The SA Government has appointed Wendy Campana as Cladding Response Co-ordinator to oversee the remediation works of affected buildings...
ASIC suspends licence, finds indemnity insurance inadequate
28 October 2019
ASIC has suspended the Australian financial services licence of KP International Group Australia, saying exclusions in its professional indemnity insurance cover did not meet minimum adequacy requirements...
'The age of disclosure is over'
21 October 2019
Financial services product disclosure laws have failed to protect consumers as intended, a study by the Australian Securities and Investments Commission has found...
Insurers fear 'consumer detriment' from draft product laws
21 October 2019
The Insurance Council of Australia has submitted proposals to avert “significant consumer detriment” it believes could arise from the draft Product Design and Distribution Obligations Regulations...
New accounting rule 'gives more transparency': EY
21 October 2019
More financial details over how an insurer performed can be expected when the International Accounting Standards Board’s new IFRS 17 rule kicks in, according to global audit firm EY...
NSW councils declare climate emergency
21 October 2019
Local councils in NSW have voted to declare a climate emergency and will urge state and federal governments to develop climate risk standards, such as providing more renewable energy for all new infrastructure and property projects...
Consultation opens on draft privacy rules
21 October 2019
The Office of the Australian Information Commissioner is seeking feedback over its draft Privacy Safeguard Guidelines...