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Insurance Review May 2016

It has been another active year for class action and mass tort litigation in Australia, with seemingly very few industries or sectors immune, even the legal industry upon which this burgeoning area of the law has been built....more

Corporate Insurance Trends 2015

Over the last 12 months, the insurance industry has seen speculation with respect to litigation funding regulation, resolutions of large class actions and consolidation in the form of acquisitions in the industry. There has...more

ASIC: New Digital Disclosure Measures

Australian Securities and Investments Commission (ASIC) has released new digital disclosure guidance and waivers for financial services product providers. The two instruments Removing Barriers to Electronic Disclosure...more

ASIC announces proposed regulatory guide for review and remediation in the industry

After several high profile remediation programs by financial advice organisations, the Australian Securities and Investment Commission (ASIC) has decided to prepare guidance for industry participants in how to develop and...more

New duty of disclosure regulations released

The regulation (Insurance Contracts Amendment Regulation 2015 (No. 1) (Cth)) setting out the new recommended wording for notifying customers of their duty of disclosure under s.22 of the Insurance Contract Act 1984 (Cth) came...more

Payday lenders remain a focus for ASIC

ASIC has released a statement as well as a video from Deputy Chairman Peter Kell setting out its agenda with respect to payday lenders. ...more

3/18/2015  /  ASIC , Australia , Lenders , Payday Loans

APRA releases its update on regulatory costs savings

In 2014, APRA commenced a project to find regulatory costs savings. APRA’s update report notes that ‘in undertaking the project, APRA: - has sought to identify specific, quantifiable options for regulatory cost savings...more

The Financial Ombudsman Service (FOS) determination – what amounts to a failure to take ‘reasonable precautions’?

The FOS has released its first edition of The Circular for 2015. Of notable interest was a key determination affirming that general policy exclusions for failing to take reasonable precautions do not apply to negligence....more

Australian Securities & Investments Commission (ASIC) reviews insurers’ outsourcing arrangements

ASIC has announced today that QBE has made changes to its outsourcing of ‘escalated complaints and dispute resolution’ to an Australian law firm following concerns raised by ASIC. ...more

World Economic Forum – Release of the Global Risks Report

Each year the World Economic Forum (WEF) is held in January in Davos, Switzerland. The WEF has released its Global Risks Report. The report is prepared by the WEF with its strategic partners Marsh & McLennan Companies and...more

1/23/2015  /  EU

APRA releases Insight report on the life insurance and general insurance markets

APRA has released its second Insight report into the life insurance and general insurance markets for 2014. In terms of the general insurance markets, APRA makes a number of interesting observations....more

Final report of the Financial Systems Inquiry released

The Financial System Inquiry has released its final report. The report makes 44 recommendations based around two general themes: funding Australia’s economy and boosting competition. In a nod to the strength of the insurance...more

12/9/2014  /  Australia , Financial Markets

ASIC chairman explains ‘why ASIC should matter to Australians’

In a speech to the National Press Club, ASIC Chairman, Greg Medcraft, answered the question as to what ASIC does and why ASIC matters to Australians. He dealt with the role of ASIC, the challenges for ASIC and how ASIC will...more

12/5/2014  /  ASIC , Australia

ASIC looks for more opportunities for electronic disclosure

The release of ASIC’s consultation paper 224 Facilitating electronic financial services and disclosures invites financial product providers and advisors to provide feedback on improving electronic financial services...more

Insurance Brokers to be the gatekeepers for unauthorised foreign insurers in North Queensland

The announcement last week of the establishment of an aggregator website for North Queensland strata, home building and home contents insurance coupled with a proposal to allow unauthorised foreign insurers (UFI) into the...more

Government announces initiatives to reduce insurance costs in North Queensland

The Finance Minister, Mathias Cormann, has announced the establishment of a comparison website for home building and home contents insurance products for the North Queensland market. The site is designed for consumers to be...more

10/24/2014  /  Australia , Insurance Reform

ASIC releases its Strategic Outlook 2014/2015

ASIC yesterday published its Strategic Outlook for 2014-2015. The Strategic Outlook is a new initiative for ASIC, which identifies the key risks ASIC sees in the immediate future for the markets it regulates and how it...more

10/21/2014  /  ASIC , Australia

APRA releases Aid for directors of insurers and ADIs

Directors of Australian Prudential Regulation Authority (APRA) regulated entities have additional obligations placed on them by APRA. In response to feedback received from directors, APRA has today released an Aid for...more

ASIC reminds AFS Licensees to report breaches early

In response to recent correspondence between ASIC and the Institute of Internal Auditors Australia, ASIC announced a review of breach reporting by AFS licensees in response to concerns raised about inconsistencies and delays...more

ASIC reports on FOFA implementation

On 17 September 2014, ASIC reported on the results of two financial advice industry engagement projects conducted during the 2013-13 financial year. The Review of the financial advice industry’s implementation of the...more

Corporate Insurance Trends 2014

Although we are seeing the tail end of many of the claims which arose from the Global Financial Crisis, the sophisticated plaintiff’s bar and ever-developing class action landscape means that companies and their officers will...more

APRA to remove duplication in prudential standards

On 28 August 2014 APRA advised all ADIs, general insurers and life companies that amendments will be made to prudential standards applicable to them. These amendments prevent any duplication within the prudential standards...more

FOFA Amendment Bill passed by House of Reps

The amendments contained in the Bill confirm the changes that were made by regulation earlier this year. The amendments also include changes agreed with the Palmer United Party and the Australian Motoring Enthusiast Party. ...more

Payday lender breaches National Consumer Credit Act

On 26 August 2014 the Federal Court determined that the Cash Store Pty Ltd (in liquidation), a payday lender, and Assistive Finance Australia Pty Ltd, a loan funder, committed seven separate breaches of their lending...more

9/3/2014  /  Australia , Loans , Payday Loans
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