NZ quake tribunal wins green light
03 June 2019
The Canterbury Earthquake Insurance Tribunal is expected to be up and running this month after the enacting egislation passed a final vote in New Zealand’s Parliament last week…
Regulatory & Government
Jane Hume appointed Financial Services Minister
27 May 2019
Victorian Senator Jane Hume has been named as the new Assistant Minister for Financial Services, Superannuation and Financial Technology, with oversight of the general insurance industry…
No comment, but ASIC is aware of bogus London lineslip
27 May 2019
The Australian Securities and Investments Commission has been informed of a flawed lineslip facility that left Australian policyholders potentially exposed…
icare seeks new claims management provider
27 May 2019
State insurer icare has opened a tender for claims management services for its NSW Treasury Managed Fund workers’ compensation portfolio…
APRA highlights governance ‘weaknesses’
27 May 2019
The Australian Prudential Regulation Authority says it has uncovered “material weaknesses” in governance and management of non-financial risks such as culture and accountability…
Shipton calls for ‘discipline’ on fair practice
27 May 2019
Australian Securities and Investments Commission Chairman James Shipton says the financial services industry must do more to put people first and ensure practices are fair…
EQC urged to address claims handling, transparency
27 May 2019
Submissions to the Earthquake Commission’s public inquiry have called for the state-owned insurer to better manage claims and quality assurance around assessments and repairs…
Bushfires drive up Tasmanian disaster relief budget
27 May 2019
Tasmania’s new state budget more than doubles its estimate of Commonwealth grant funding required for natural disasters to $40.3 million from $19 million previously…
Brokers urged to speak out for NSW review
20 May 2019
The National Insurance Brokers Association has called for members to detail their experiences with the NSW workers’ compensation scheme, as a regulatory review examines problems highlighted by businesses…
ASIC commits to punishment through courts
20 May 2019
Financial services providers in breach of the law will face court action under the Australian Securities and Investments Commission’s new enforcement approach…
ASIC urged to put complaints data in context
20 May 2019
The Insurance Council of Australia says it will hear from members before responding to an Australian Securities and Investments Commission consultation on proposed new standards for the handling of customer complaints by financial companies…
South Rockhampton flood levee talks begin
20 May 2019
Public consultation on the proposed $60 million South Rockhampton Flood Levee is under way and will continue until June 21…
ACT passes revamped CTP laws
20 May 2019
The ACT’s no-fault compulsory third party reforms will begin next February, after the Legislative Assembly passed legislation last week…
Data breach figures show need for staff training
20 May 2019
Companies must improve employee training and deploy better technology to prevent data breaches, according to the Office of the Australian Information Commissioner…
ASIC warns on timings for licence changes
20 May 2019
The Australian Securities and Investments Commission has told licensees to factor in the time it may take to assess applications to cancel or vary their licences as part of any measures taken to reduce levies…
NZ central bank begins actuary review
20 May 2019
The Reserve Bank of New Zealand has selected 15 insurers to take part in its review of the appointed actuary regime…
Industry seeks clarity on Morrison’s mortgage policy
13 May 2019
Insurers haven’t been consulted by the Coalition government on its $500 million first-home deposit plan, which Prime Minister Scott Morrison says would eliminate the need for lenders’ mortgage insurance…
ASIC acts on AR double-ups
13 May 2019
The Australian Securities and Investments Commission has revoked financial service licensee authorisations in 58 cases where duplications have breached the law and created risks for clients…
NSW’s 50% insurance tax ‘obscene’
13 May 2019
A tax burden of more than 50% on NSW insurance policies is “obscene”, according to an industry figure who has campaigned against taxes in insurance for more than 20 years…
Industry-run code can be change enabler, Finity says
13 May 2019
Actuarial consultant Finity says the updated insurance industry code of practice could be a “focal point for change” if the right approach is taken…