ASIC reports on ASX cyber resilience
14 March 2016
The Australian Securities and Investments Commission has released its first assessment report on the cyber resilience of the Australian Securities Exchange and Chi-X…
Regulatory & Government
ICA calls for clarity, pragmatism in data breach regime
14 March 2016
The Insurance Council of Australia supports a mandatory notification regime for serious data breaches, but cautions the system should be “pragmatic”, with minimal regulatory burden on companies…
Suncorp backs no-fault CTP for Queensland
14 March 2016
Suncorp has spoken out in support of a no-fault lifetime-care compulsory third party scheme in Queensland…
NSW opens debate on CTP in ride-share market
14 March 2016
The point-to-point transport industry’s compulsory third party model, including rise-share services like Uber, is to be reviewed by the NSW Government…
RBNZ updates insurer data collection guidelines
14 March 2016
The Reserve Bank of New Zealand has updated its guidelines for insurer data collection…
Pollies talk the talk on tax reform
07 March 2016
They were lining up at the Insurance Council of Australia annual forum to denounce state-based insurance taxes…
ASIC warns industry over ‘nonchalance’ around add-on insurance
07 March 2016
The Australian Securities and Investments Commission has vowed to act against inappropriate sales of add-on insurance products, amid growing concerns of consumers being misled…
Intermediaries remove ‘independent’ labels
07 March 2016
Suncorp-linked Citywide Insurance Brokers and Financial Planners, iSelect and wealth manager Wilson HTM have stopped using the term “independent” to market their businesses, following concerns expressed by the Australian Securities and Investments Commission…
SA waters down SME self-insurance reforms
07 March 2016
ReturnToWorkSA has performed a major about-face on a draft policy that would have prevented many SMEs from self-insuring…
ASIC urges more action on home insurance sales
07 March 2016
The Australian Securities and Investments Commission wants further improvements to the way home insurance is sold…
NSW takes action on CTP fraudsters
07 March 2016
Insurance fraud costs the NSW motor accident compulsory third party scheme an estimated $150 million a year, and the State Government has decided it’s time to crack down…
ICA warns of fallout for marine sector under unfair terms law
07 March 2016
“Adverse” consequences will follow if marine insurance contracts are governed by small business unfair contract terms law, the Insurance Council of Australia warns…
Ace to compensate Combined victims
29 February 2016
Ace will pay $1 million to financial counselling and literacy initiatives and a “significant sum” to compensate customers following mis-selling at its subsidiary Combined Insurance…
ASIC report exposes car dealers’ insurance sales tactics
29 February 2016
Consumers often yield to car dealers’ pressure to buy add-on insurance products such as motor cover, according to a report from the Australian Securities and Investments Commission…
ReturnToWork SA plans to raise bar for self-insurance
29 February 2016
ReturnToWork SA has produced a draft policy that would stop SMEs in the state self-insuring…
Queensland spreads word on no-fault injury scheme
29 February 2016
Queensland Treasurer Curtis Pitt has launched a public awareness campaign to highlight the state’s proposed no-fault compulsory third party (CTP) insurance scheme…
Border force reviews asbestos protections
29 February 2016
The Australian Border Force has initiated a review of its asbestos controls…
Ministers act on flammable cladding findings
22 February 2016
The Building Ministers Forum has agreed “a range of measures” to address safety concerns associated with non-compliant building cladding on high-rise buildings…
ARPC expands retrocession cover to $2.9 billion
22 February 2016
The Australian Reinsurance Pool Corporation has increased this year’s retrocession cover to $2.9 billion from $2.6 billion last year, and its excess has been reduced to $350 million from $400 million…
Regulatory change ‘increases focus on consumer protection’
22 February 2016
Consumer protection is now high on the agenda for chief compliance officers, according to an insurance industry report by Ernst & Young…