insuranceNEWS.com.au - Regulatory & GovernmentGeneral insurance and financial services news from Australia and around the worldhttps://www.insurancenews.com.au/en-auCompetition tribunal starts hearing Suncorp bank sale appeal https://www.insurancenews.com.au/regulatory-government/competition-tribunal-starts-hearing-suncorp-bank-sale-appealhttps://www.insurancenews.com.au/regulatory-government/competition-tribunal-starts-hearing-suncorp-bank-sale-appeal<p>The Australian Competition Tribunal has today started hearing an appeal over the blocked $4.9 billion sale of Suncorp&rsquo;s bank to ANZ...</p>Mon, 04 Dec 2023 04:01:16 GMTCanberra provides ‘100%’ guarantee to plug midwives PI gap https://www.insurancenews.com.au/regulatory-government/canberra-provides-100-guarantee-to-plug-midwives-pi-gaphttps://www.insurancenews.com.au/regulatory-government/canberra-provides-100-guarantee-to-plug-midwives-pi-gap<p>The Federal Government will pay &ldquo;100% of any eligible and approved&rdquo; professional indemnity insurance claims made in relation to intrapartum care provided outside of a hospital setting by privately practicing midwives...</p>Mon, 04 Dec 2023 04:00:30 GMTRACQ makes $253 million provision for pricing remediation program https://www.insurancenews.com.au/regulatory-government/racq-makes-253-million-provision-for-pricing-remediation-programhttps://www.insurancenews.com.au/regulatory-government/racq-makes-253-million-provision-for-pricing-remediation-program<p>RACQ says it has &ldquo;fully provisioned&rdquo; for the expected cost of its ongoing pricing remediation program after the Federal Court last week penalised the motoring club&rsquo;s insurance business for failing to deliver on premium discounts that had been promised to customers...</p>Mon, 04 Dec 2023 03:59:40 GMTICA calls on NSW to ‘take lead’ on natural hazard resilience  https://www.insurancenews.com.au/regulatory-government/ica-calls-on-nsw-to-take-lead-on-natural-hazard-resiliencehttps://www.insurancenews.com.au/regulatory-government/ica-calls-on-nsw-to-take-lead-on-natural-hazard-resilience<p>Insurance Council of Australia CEO Andrew Hall has delivered a six-point recommendation to NSW Planning and Environment Committee Chair Sue Higginson, calling for renewed actions on natural hazard resilience...</p>Mon, 04 Dec 2023 03:58:57 GMTNSW Building Commission launches as standalone regulator  https://www.insurancenews.com.au/regulatory-government/nsw-building-commission-launches-as-standalone-regulatorhttps://www.insurancenews.com.au/regulatory-government/nsw-building-commission-launches-as-standalone-regulator<p>Building Commission NSW has launched today, marking an expansion in the State Government&rsquo;s efforts to enforce quality and standards control in the construction industry...</p>Mon, 04 Dec 2023 03:58:22 GMTFederal Government calls for pre-budget submissions  https://www.insurancenews.com.au/regulatory-government/federal-government-calls-for-pre-budget-submissionshttps://www.insurancenews.com.au/regulatory-government/federal-government-calls-for-pre-budget-submissions<p>The Federal Government has invited individuals, businesses and community groups to provide viewpoints on priorities for next year&rsquo;s federal budget...</p>Mon, 04 Dec 2023 03:57:43 GMTAFCA calls on insurers to boost claims resourcing https://www.insurancenews.com.au/regulatory-government/afca-calls-on-insurers-to-boost-claims-resourcinghttps://www.insurancenews.com.au/regulatory-government/afca-calls-on-insurers-to-boost-claims-resourcing<p>Insurers should introduce &ldquo;immediate and enduring&rdquo; increases in resourcing of claims and complaints resolution teams, the Australian Financial Complaints Authority says...</p>Mon, 27 Nov 2023 03:18:39 GMTASIC adds claims handing to 2024 enforcement focus https://www.insurancenews.com.au/regulatory-government/asic-adds-claims-handing-to-2024-enforcement-focushttps://www.insurancenews.com.au/regulatory-government/asic-adds-claims-handing-to-2024-enforcement-focus<p>The Australian Securities and Investments Commission says insurance claims handling is one of its new enforcement priorities for 2024...</p>Mon, 27 Nov 2023 03:17:40 GMTGovernment to issue ‘ransomware playbook’ https://www.insurancenews.com.au/regulatory-government/government-to-issue-ransomware-playbookhttps://www.insurancenews.com.au/regulatory-government/government-to-issue-ransomware-playbook<p>The Australian Government will create a &ldquo;ransomware playbook&rdquo; with clear guidance on how to manage ransom demands as part of a new long-term strategy to beef up the nation&rsquo;s cyber security...</p>Mon, 27 Nov 2023 03:16:26 GMTIndigenous complaints to AFCA increase https://www.insurancenews.com.au/regulatory-government/indigenous-complaints-to-afca-increasehttps://www.insurancenews.com.au/regulatory-government/indigenous-complaints-to-afca-increase<p>The Australian Financial Complaints Authority says the number of complaints made to the scheme by Aboriginal and Torres Strait Islander peoples rose 13% last financial year and there was a disproportionately high level of issues around hardship...</p>Mon, 27 Nov 2023 03:14:43 GMTAPRA consults on new cross-industry definition standard https://www.insurancenews.com.au/regulatory-government/apra-consults-on-new-cross-industry-definition-standardhttps://www.insurancenews.com.au/regulatory-government/apra-consults-on-new-cross-industry-definition-standard<p>The Australian Prudential Regulation Authority is seeking feedback on a new cross-industry standard to centralise the regulator&rsquo;s existing standards on definitions...</p>Mon, 27 Nov 2023 03:13:43 GMTFederal Assistant Treasurer backs NSW ESL reform https://www.insurancenews.com.au/regulatory-government/federal-assistant-treasurer-backs-nsw-esl-reformhttps://www.insurancenews.com.au/regulatory-government/federal-assistant-treasurer-backs-nsw-esl-reform<p>Federal Assistant Treasurer and Financial Services Minister Stephen Jones says the NSW Government&rsquo;s plan to remove the Emergency Services Levy from insurance policies is a long overdue reform...</p>Mon, 20 Nov 2023 01:25:42 GMTIndustry prepares for advice reforms as Treasury consults on draft legislation https://www.insurancenews.com.au/regulatory-government/industry-prepares-for-advice-reforms-as-treasury-consults-on-draft-legislationhttps://www.insurancenews.com.au/regulatory-government/industry-prepares-for-advice-reforms-as-treasury-consults-on-draft-legislation<p>The Federal Government has proceeded to implement the first phase of its response to the Quality of Advice Review final report...</p>Mon, 20 Nov 2023 01:24:18 GMTNSW introduces new laws to empower building regulator https://www.insurancenews.com.au/regulatory-government/nsw-introduces-new-laws-to-empower-building-regulatorhttps://www.insurancenews.com.au/regulatory-government/nsw-introduces-new-laws-to-empower-building-regulator<p>The NSW Government will implement new laws to boost the ability of the state's building commission to tackle poor industry practices...</p>Mon, 20 Nov 2023 01:21:41 GMTDoubling of EQCover rolled through https://www.insurancenews.com.au/regulatory-government/doubling-of-eq-cover-rolled-throughhttps://www.insurancenews.com.au/regulatory-government/doubling-of-eq-cover-rolled-through<p>A New Zealand law change that doubled the home building insurance cap under the EQCover scheme to $NZ300,000 has fully rolled through...</p>Mon, 20 Nov 2023 01:16:05 GMTGovernment works closely with DP World after cyber attack https://www.insurancenews.com.au/regulatory-government/government-works-closely-with-dp-world-after-cyber-attackhttps://www.insurancenews.com.au/regulatory-government/government-works-closely-with-dp-world-after-cyber-attack<p>Ports operator DP World Australia says it is working closely with national cyber security experts and the Federal Government following an incident that has disrupted freight movement at its terminals...</p>Mon, 13 Nov 2023 04:16:23 GMTCyber security must be ‘top priority’ for corporations: ASIC  https://www.insurancenews.com.au/regulatory-government/cyber-security-must-be-top-priority-for-corporations-asichttps://www.insurancenews.com.au/regulatory-government/cyber-security-must-be-top-priority-for-corporations-asic<p>The Australian Securities and Investments Commission has urged organisations to strengthen cyber security capabilities after its report found &ldquo;significant gaps&rdquo; in safeguards across businesses...</p>Mon, 13 Nov 2023 04:15:44 GMTGovernment urged to up e-scooter insurance requirements https://www.insurancenews.com.au/regulatory-government/government-urged-to-up-e-scooter-insurance-requirementshttps://www.insurancenews.com.au/regulatory-government/government-urged-to-up-e-scooter-insurance-requirements<p>The Australian Lawyers Alliance is calling for a detailed review of insurance and regulation options for e-scooters...</p>Mon, 13 Nov 2023 04:15:07 GMTACT flags fuel load burns ahead of warmer bushfire season  https://www.insurancenews.com.au/regulatory-government/act-flags-fuel-load-burns-ahead-of-warmer-bushfire-seasonhttps://www.insurancenews.com.au/regulatory-government/act-flags-fuel-load-burns-ahead-of-warmer-bushfire-season<p>The ACT Government has released its latest Bushfire Operations Plan, outlining its agenda to strengthen the territory&rsquo;s bushfire protection and prevention...</p>Mon, 13 Nov 2023 04:14:19 GMTRegulators to appear at parliamentary floods inquiry hearing https://www.insurancenews.com.au/regulatory-government/regulators-to-appear-at-parliamentary-floods-inquiry-hearinghttps://www.insurancenews.com.au/regulatory-government/regulators-to-appear-at-parliamentary-floods-inquiry-hearing<p>Australia&rsquo;s financial regulators will next month appear before the first hearing scheduled as part of the federal parliamentary inquiry into insurers&rsquo; responses to major floods claims last year...</p>Mon, 06 Nov 2023 04:00:25 GMT