insuranceNEWS.com.au - Regulatory & Government

Competition tribunal starts hearing Suncorp bank sale appeal

Mon, 04 Dec 2023 04:01:16 GMT

The Australian Competition Tribunal has today started hearing an appeal over the blocked $4.9 billion sale of Suncorp’s bank to ANZ...

Canberra provides ‘100%’ guarantee to plug midwives PI gap

Mon, 04 Dec 2023 04:00:30 GMT

The Federal Government will pay “100% of any eligible and approved” professional indemnity insurance claims made in relation to intrapartum care provided outside of a hospital setting by privately practicing midwives...

RACQ makes $253 million provision for pricing remediation program

Mon, 04 Dec 2023 03:59:40 GMT

RACQ says it has “fully provisioned” for the expected cost of its ongoing pricing remediation program after the Federal Court last week penalised the motoring club’s insurance business for failing to deliver on premium discounts that had been promised to customers...

ICA calls on NSW to ‘take lead’ on natural hazard resilience

Mon, 04 Dec 2023 03:58:57 GMT

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...

NSW Building Commission launches as standalone regulator

Mon, 04 Dec 2023 03:58:22 GMT

Building Commission NSW has launched today, marking an expansion in the State Government’s efforts to enforce quality and standards control in the construction industry...

Federal Government calls for pre-budget submissions

Mon, 04 Dec 2023 03:57:43 GMT

The Federal Government has invited individuals, businesses and community groups to provide viewpoints on priorities for next year’s federal budget...

AFCA calls on insurers to boost claims resourcing

Mon, 27 Nov 2023 03:18:39 GMT

Insurers should introduce “immediate and enduring” increases in resourcing of claims and complaints resolution teams, the Australian Financial Complaints Authority says...

ASIC adds claims handing to 2024 enforcement focus

Mon, 27 Nov 2023 03:17:40 GMT

The Australian Securities and Investments Commission says insurance claims handling is one of its new enforcement priorities for 2024...

Government to issue ‘ransomware playbook’

Mon, 27 Nov 2023 03:16:26 GMT

The Australian Government will create a “ransomware playbook” with clear guidance on how to manage ransom demands as part of a new long-term strategy to beef up the nation’s cyber security...

Indigenous complaints to AFCA increase

Mon, 27 Nov 2023 03:14:43 GMT

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...

APRA consults on new cross-industry definition standard

Mon, 27 Nov 2023 03:13:43 GMT

The Australian Prudential Regulation Authority is seeking feedback on a new cross-industry standard to centralise the regulator’s existing standards on definitions...

Federal Assistant Treasurer backs NSW ESL reform

Mon, 20 Nov 2023 01:25:42 GMT

Federal Assistant Treasurer and Financial Services Minister Stephen Jones says the NSW Government’s plan to remove the Emergency Services Levy from insurance policies is a long overdue reform...

Industry prepares for advice reforms as Treasury consults on draft legislation

Mon, 20 Nov 2023 01:24:18 GMT

The Federal Government has proceeded to implement the first phase of its response to the Quality of Advice Review final report...

NSW introduces new laws to empower building regulator

Mon, 20 Nov 2023 01:21:41 GMT

The NSW Government will implement new laws to boost the ability of the state's building commission to tackle poor industry practices...

Doubling of EQCover rolled through

Mon, 20 Nov 2023 01:16:05 GMT

A New Zealand law change that doubled the home building insurance cap under the EQCover scheme to $NZ300,000 has fully rolled through...

Government works closely with DP World after cyber attack

Mon, 13 Nov 2023 04:16:23 GMT

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...

Cyber security must be ‘top priority’ for corporations: ASIC

Mon, 13 Nov 2023 04:15:44 GMT

The Australian Securities and Investments Commission has urged organisations to strengthen cyber security capabilities after its report found “significant gaps” in safeguards across businesses...

Government urged to up e-scooter insurance requirements

Mon, 13 Nov 2023 04:15:07 GMT

The Australian Lawyers Alliance is calling for a detailed review of insurance and regulation options for e-scooters...

ACT flags fuel load burns ahead of warmer bushfire season

Mon, 13 Nov 2023 04:14:19 GMT

The ACT Government has released its latest Bushfire Operations Plan, outlining its agenda to strengthen the territory’s bushfire protection and prevention...

Regulators to appear at parliamentary floods inquiry hearing

Mon, 06 Nov 2023 04:00:25 GMT

Australia’s financial regulators will next month appear before the first hearing scheduled as part of the federal parliamentary inquiry into insurers’ responses to major floods claims last year...