HIH legal web grows ever more tangled
25 February 2008
HIH liquidator Tony McGrath's $529 million civil damages case over HIH's acquisition of FAI Insurance is in danger of drowning under a sea of claims, counter-claims…
Regulatory & Government
Bowen commits to withholding tax reform
25 February 2008
Assistant Treasurer Chris Bowen has flagged lowering Australia's rate of withholding tax as part of the continuing drive to promote Australia as a financial services centre…
DOFI premium test ‘under consideration’
18 February 2008
The Federal Government is considering introducing a "premium test" into the exemptions to the DOFI bill, but the exact limit remains under discussion…
… as DOFI deadline slipping
18 February 2008
The July 1 deadline for the DOFI bill is likely to slip by at least three months, says NIBA CEO Noel Pettersen…
APRA to lose disqualification powers
18 February 2008
APRA will lose the power to disqualify individuals under a reform bill introduced into Federal Parliament last week…
NZ reforms will raise costs
18 February 2008
Impending regulatory reforms for the NZ insurance industry will protect reputations but also raise compliance costs, says Insurance Council of New Zealand CEO Chris Ryan…
APRA flags reinsurance u-turn
18 February 2008
APRA has flagged a change of heart on its proposed reinsurance refinements after a storm of protest from the industry…
No subprime worries for Oz insurers
18 February 2008
APRA has given Australian insurers a clean bill of health in the wake of AIG's $US4.88 billion ($5.4 billion) subprime writedown…
ASIC launches stakeholder survey
18 February 2008
The Australian Securities and Investments Commission has called for stakeholders to complete an online survey as part of its strategic review…
Call for independent regulator watchdog
18 February 2008
An independent body is needed to mediate between the insurance industry and the twin regulators APRA and ASIC, says Access Economics Director Ric Simes…
Weather, market downturn rain on insurers’ parade
11 February 2008
Rising claims and falling investment returns have taken a chunk out of the insurance industry's profitability, the Australian Prudential Regulatory Authority's half-yearly report reveals…
Disclosure: red tape for the chop?
11 February 2008
The Federal Government has set up a working group to review financial services advice and disclosure, aiming to cut red tape in the sector…
Charge against HIH Chairman dropped
11 February 2008
The Commonwealth Director of Public Prosecutions has decided not to proceed further with one of two charges brought against former HIH Chairman Geoffrey Cohen…
Bowen and Sherry to share insurance
04 February 2008
The Federal Government has confirmed Treasury junior ministers Chris Bowen and Nick Sherry will share responsibility for the insurance industry…
Sting in the DOFI tail
04 February 2008
The Australian Prudential Regulation Authority's draft prudential changes to reinsurance and investment capital regulations may cost insurers up to $2 billion…
ICA lobbies to axe tax on insurance
04 February 2008
The Insurance Council of Australia has wasted little time lobbying the new ALP Federal Government to abolish insurance taxes, tabling a Budget submission last month…
Compo schemes under review
04 February 2008
The Federal Government has suspended private companies from entering Comcare, the federal workers' compensation vehicle set up in 1988 for Commonwealth public servants…
Victoria reviews workers’ comp regime
11 December 2007
A leading figure in the Melbourne law establishment has been appointed to review the state’s workers’ compensation legislation…
APRA modernises life data collection
11 December 2007
The Australian Prudential Regulation Authority has upgraded its data transfer technology for the life sector…
FICS limits too low: ASIC
04 December 2007
New monetary limits for the Financial Industry Complaints Service must be raised in line with other external dispute schemes…