insuranceNEWS.com.au - Regulatory & GovernmentGeneral insurance and financial services news from Australia and around the worldhttps://www.insurancenews.com.au/en-auCyclone pool extension ‘would go beyond overseas model’https://www.insurancenews.com.au/regulatory-government/cyclone-pool-extension-would-go-beyond-overseas-modelhttps://www.insurancenews.com.au/regulatory-government/cyclone-pool-extension-would-go-beyond-overseas-model<p>An extension of the cyclone reinsurance pool cut-off to seven days after an event is downgraded could create a longer period of cover than is typical in international markets, federal MPs have heard...</p>Mon, 10 Feb 2025 02:45:12 GMTJones says advice reforms a priority as election loomshttps://www.insurancenews.com.au/regulatory-government/jones-says-advice-reforms-a-priority-as-election-loomshttps://www.insurancenews.com.au/regulatory-government/jones-says-advice-reforms-a-priority-as-election-looms<p>Assistant Treasurer Stephen Jones has reiterated the Albanese government&rsquo;s commitment to advancing the next stage of financial advice reforms, which include allowing insurers to provide simple guidance...</p>Mon, 10 Feb 2025 02:36:07 GMTCommission calls for feedback on insurers’ motor club moveshttps://www.insurancenews.com.au/regulatory-government/commission-calls-for-feedback-on-insurers-motor-club-moveshttps://www.insurancenews.com.au/regulatory-government/commission-calls-for-feedback-on-insurers-motor-club-moves<p>IAG and Allianz&rsquo;s plans to take over motor club insurance operations are under scrutiny by the competition watchdog, which is canvassing the market about the potential impacts on pricing and smash repair services...</p>Mon, 10 Feb 2025 02:33:58 GMTWA builder fined over insurance breachhttps://www.insurancenews.com.au/regulatory-government/wa-builder-fined-over-insurance-breachhttps://www.insurancenews.com.au/regulatory-government/wa-builder-fined-over-insurance-breach<p>A Perth builder that started work on a house without acquiring mandatory home indemnity insurance has been fined $3500 and ordered to pay $736 in costs....</p>Mon, 10 Feb 2025 02:33:43 GMTWorkers’ comp self-insurer rapped over compliance issueshttps://www.insurancenews.com.au/regulatory-government/workers-comp-self-insurer-rapped-over-compliance-issueshttps://www.insurancenews.com.au/regulatory-government/workers-comp-self-insurer-rapped-over-compliance-issues<p>NSW&rsquo;s State Insurance Regulatory Authority has placed special conditions on a property business&rsquo; workers&rsquo; compensation self-insurer licence after an audit found compliance and claims management issues...</p>Mon, 10 Feb 2025 02:33:32 GMTIndustry lauds outgoing minister Joneshttps://www.insurancenews.com.au/regulatory-government/industry-lauds-outgoing-minister-joneshttps://www.insurancenews.com.au/regulatory-government/industry-lauds-outgoing-minister-jones<p>The insurance industry has hailed Assistant Treasurer and Financial Services Minister Stephen Jones, who announced last week he will not stand for re-election...</p>Mon, 03 Feb 2025 03:55:51 GMTNew icare chief ‘perfectly placed’ to continue reformhttps://www.insurancenews.com.au/regulatory-government/new-icare-chief-perfectly-placed-to-continue-reformhttps://www.insurancenews.com.au/regulatory-government/new-icare-chief-perfectly-placed-to-continue-reform<p>icare says its new CEO will boost the NSW state insurer &ldquo;as it continues to implement change that leads to better community outcomes&rdquo;...</p>Mon, 03 Feb 2025 03:34:48 GMTNZ industry welcomes national climate adaptation planhttps://www.insurancenews.com.au/regulatory-government/nz-industry-welcomes-national-climate-adaptation-planhttps://www.insurancenews.com.au/regulatory-government/nz-industry-welcomes-national-climate-adaptation-plan<p>The Insurance Council of New Zealand has praised the government&rsquo;s commitment to proposing a new climate adaptation framework this year...</p>Mon, 03 Feb 2025 03:06:05 GMTCompo scheme under review, funding shortfall projectedhttps://www.insurancenews.com.au/regulatory-government/compo-scheme-under-review-funding-shortfall-projectedhttps://www.insurancenews.com.au/regulatory-government/compo-scheme-under-review-funding-shortfall-projected<p>A Treasury review of the industry-funded Compensation Scheme of Last Resort has started, less than 12 months after the redress program launched last April...</p>Mon, 03 Feb 2025 03:05:47 GMTNZ confirms emergency levy regulationhttps://www.insurancenews.com.au/regulatory-government/nz-confirms-emergency-levy-regulationhttps://www.insurancenews.com.au/regulatory-government/nz-confirms-emergency-levy-regulation<p>The New Zealand government has finalised regulations for insurance levy funding of fire and emergency services from July next year...</p>Mon, 03 Feb 2025 03:05:26 GMTWatchdog eyes stock trades by two Steadfast staffhttps://www.insurancenews.com.au/regulatory-government/watchdog-eyes-stock-trades-by-two-steadfast-staffhttps://www.insurancenews.com.au/regulatory-government/watchdog-eyes-stock-trades-by-two-steadfast-staff<p>The Australian Securities and Investments Commission has sought information from Steadfast in connection with trading in the company&rsquo;s shares by two employees...</p>Mon, 16 Dec 2024 03:26:11 GMTASIC cuts cost-recovery levies after running numbershttps://www.insurancenews.com.au/regulatory-government/asic-cuts-cost-recovery-levies-after-running-numbershttps://www.insurancenews.com.au/regulatory-government/asic-cuts-cost-recovery-levies-after-running-numbers<p>The Australian Securities and Investments Commission says regulatory costs to be recovered through funding levies for last financial year will be less than previously estimated...</p>Mon, 16 Dec 2024 03:25:54 GMTNZ injury scheme reviewed after ‘decade of decline’https://www.insurancenews.com.au/regulatory-government/nz-injury-scheme-reviewed-after-decade-of-declinehttps://www.insurancenews.com.au/regulatory-government/nz-injury-scheme-reviewed-after-decade-of-decline<p>The New Zealand government has ordered an independent review of the Accident Compensation Corporation amid concerns about declining rehabilitation rates and increasing costs, and says levies will rise over the next three years...</p>Mon, 16 Dec 2024 03:25:41 GMTJasper recovery efforts gain $200 million injectionhttps://www.insurancenews.com.au/regulatory-government/jasper-recovery-efforts-gain-200-million-injectionhttps://www.insurancenews.com.au/regulatory-government/jasper-recovery-efforts-gain-200-million-injection<p>The federal and Queensland governments will provide more than $206 million to help communities hit by Ex-Cyclone Jasper last summer, in a package that includes funds to boost resilience...</p>Mon, 16 Dec 2024 03:25:28 GMTASIC finds flaws in complaints management culturehttps://www.insurancenews.com.au/regulatory-government/asic-finds-flaws-in-complaints-management-culturehttps://www.insurancenews.com.au/regulatory-government/asic-finds-flaws-in-complaints-management-culture<p>The Australian Securities and Investments Commission says an improvement in complaints handling culture is needed to address insurer failings in responding to dissatisfied customers...</p>Mon, 09 Dec 2024 03:43:37 GMTIndustry weighs ‘implications’ of advice shake-uphttps://www.insurancenews.com.au/regulatory-government/industry-weighs-implications-of-advice-shake-uphttps://www.insurancenews.com.au/regulatory-government/industry-weighs-implications-of-advice-shake-up<p>The federal government&rsquo;s latest advice reforms, including a plan to let insurers give &ldquo;simple&rdquo; guidance, should lead to better consumer outcomes, according to the Insurance Council of Australia...</p>Mon, 09 Dec 2024 03:43:26 GMTAPRA to publish insurers’ 2050 affordability projectionshttps://www.insurancenews.com.au/regulatory-government/apra-to-publish-insurers-2050-affordability-projectionshttps://www.insurancenews.com.au/regulatory-government/apra-to-publish-insurers-2050-affordability-projections<p>The nation&rsquo;s biggest insurers are modelling premium affordability under different climate scenarios for the prudential regulator...</p>Mon, 09 Dec 2024 03:43:11 GMTAFCA hails ‘mature’ status as review process closeshttps://www.insurancenews.com.au/regulatory-government/afca-hails-mature-status-as-review-process-closeshttps://www.insurancenews.com.au/regulatory-government/afca-hails-mature-status-as-review-process-closes<p>The Australian Financial Complaints Authority says it has completed a three-year program to deliver on 13 recommendations made in an independent review of its operations...</p>Mon, 09 Dec 2024 03:42:37 GMTNew construction watchdog aims to build on ‘momentum shift’https://www.insurancenews.com.au/regulatory-government/new-construction-watchdog-aims-to-build-on-momentum-shifthttps://www.insurancenews.com.au/regulatory-government/new-construction-watchdog-aims-to-build-on-momentum-shift<p>NSW&rsquo;s new building commissioner says further reforms are a priority as he begins his tenure...</p>Mon, 09 Dec 2024 03:42:24 GMTParliament passes merger law overhaulhttps://www.insurancenews.com.au/regulatory-government/parliament-passes-merger-law-overhaulhttps://www.insurancenews.com.au/regulatory-government/parliament-passes-merger-law-overhaul<p>The federal parliament has passed merger law reforms that require the competition watchdog to be notified of all deals above a certain transaction threshold...</p>Mon, 02 Dec 2024 03:46:55 GMT