ACCC submits northern Australia report
03 December 2018
The Australian Competition and Consumer Commission has submitted an interim report from its northern Australia insurance inquiry to the Federal Government, a spokeswoman has confirmed…
Regulatory & Government
WA wants national smash repair probe
03 December 2018
MPs in WA have called for an Australian Competition and Consumer Commission inquiry into claims of “market abuse” involving insurers in the smash repair industry…
Storms, fires ‘show danger of climate inaction’
03 December 2018
Failure to act on climate change will cost Australia dearly as droughts, flooding and other natural disasters become more frequent and intense, a new report says…
icare opens dust disease testing centre
03 December 2018
State insurer icare has opened a dust disease clinic for NSW workers exposed to hazardous airborne material…
Insurers complete transition to AFCA
03 December 2018
All insurers that were members of the Financial Ombudsman Service have successfully shifted to the Australian Financial Complaints Authority, a spokeswoman for the new dispute body says…
CBA faces new wave of credit cover remediation
26 November 2018
Commonwealth Bank is still processing remediation for customers mis-sold consumer credit insurance and is reviewing an EY paper that may lead to further payments, the Hayne royal commission heard last week…
ASIC weighs action on CBA, ClearView breaches
26 November 2018
The Australian Securities and Investments Commission has flagged enforcement action against Commonwealth Bank and ClearView as it takes a tougher approach to breaches…
NSW spends $40 million on climate risk measures
26 November 2018
The NSW Government is to invest $40 million on climate change measures including action to improve community disaster resilience…
States to apply automated vehicle safety system
26 November 2018
State transport ministers will apply a safety assurance system to all imported automated vehicles, the National Transport Commission has announced…
NSW greenslip prices hit seven-year low
26 November 2018
NSW compulsory third party premiums will fall to an average of $501 next year, the lowest since 2011…
Canberra relaxes foreign ownership laws
26 November 2018
Foreign companies can now own more than 20% of a local insurer after legislation was passed relaxing restrictions…
RBNZ amends insurance solvency standards
26 November 2018
The Reserve Bank of New Zealand has amended general and life insurance solvency standards…
Backing for contract terms reform as Hayne reopens
19 November 2018
Policy submissions to the Hayne royal commission have shown “substantial agreement” on extending unfair contract terms to insurance and introducing disclosure reforms, Counsel Assisting, Rowena Orr, told the opening of the final round of hearings today…
IAG steps up to protest ‘unfair’ CTP proposals
19 November 2018
IAG has taken an unusual step for an insurer by warning against ACT compulsory third party (CTP) draft laws that may make it more difficult for low-income earners to have their injuries independently assessed…
IASB mulls delay on accounting standard
19 November 2018
The start date for a new insurance accounting standard may be deferred by a year pending the outcome of a public consultation, which is expected next year…
Senators doubt new dispute body’s abilities
19 November 2018
A Senate committee’s report on consumer protection in financial services has questioned the effectiveness of external dispute resolution schemes…
Canberra funds future surge in prosecutions
19 November 2018
The Federal Government has announced a $51.5 million funding boost to fight financial misconduct…
Regulators flag ‘forceful’ response
19 November 2018
The financial services industry has been warned to expect a tougher approach from corporate and prudential regulators next year…
Former governor-general to lead EQC inquiry
19 November 2018
The New Zealand Government has named former governor-general Silvia Cartwright as head of a public inquiry into the Earthquake Commission, and has released her terms of reference…
APRA flags AASB 17 consultation
19 November 2018
A discussion paper outlining the approach to integrating new accounting standards into the capital framework for insurers will be released at the end of next year…