NSW State Budget 2017-18
The state government handed down the State Budget 2017-18 on 20 June 2017. In the Budget Speech Treasurer Dominic Perrottet stated that, under the state budget from 1 January 2018 "small businesses with a turnover of less than $2 million will be exempt from paying...
ASIC Repeals Breach Reporting Obligation for Group Purchasing Bodies
(Current as at 30 June 2017) BACKGROUND Group purchasing bodies (GPBs) are persons who arrange for the issue of or for a person to be covered by risk management products for others (general and life insurance products, but not general insurance arranged with an...
Update on NSW Home Warranty Reforms
The Home Building Amendment (Compensation Reform) Act 2017 No. 28 (NSW) was assented to on 27 June 2017. The objects of the Act are to: enable insurance against loss arising from non-completion of residential building work or breach of statutory warranties for...
Update on Recent APRA (Confidentiality) Determination
The Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2017 was made and registered with the Federal Register of Legislation on 22 June 2017. It determines that certain information provided to APRA under specified reporting standards...
Update on the Inquiry Into Australia’s General Insurance Industry
An inquiry is being conducted into Australia’s general insurance industry. On 20 June 2017, the Senate granted an extension to the committee to report by 10 August 2017. See the Senate Standing Committee on Economics’ home page. For a full summary of the issues, email...
ASIC Industry Funding Model Passed Into Law
The Government has introduced the new industry funding model for the Australian Securities and Investments Commission (ASIC), with the ASIC Supervisory Cost Recovery Levy Bill 2017 and related bills receiving passage through the Senate. It is the Regulations that...
ASIC Enforcement Review Taskforce
The ASIC Enforcement Review Taskforce has released position and consultation papers on the following which warrant close review by industry in relation to their impact: ASIC’s Access to Telecommunications Intercept Material This contains proposed reforms to enhance...
Changes to the NSW Emergency Services Levy Insurance Monitor’s Section 30 Notice Requirements
The Monitor has issued a new version of the s30 Notice. The notice previously published on 12 May 2017 is now withdrawn and there is no need to send this notice out to policyholders. Unfortunately, it appears to us that the new notice serves little useful purpose in...
NSW Emergency Services Levy Reform Deferred
On 30 May 2017 Premier Gladys Berejiklian and Treasurer Dominic Perrottet made the surprise announcement that the NSW Government will defer the introduction of the Fire and Emergency Services Levy to ensure small to medium businesses do not face an unreasonable burden...
External Dispute Resolution Changes
On 20 April 2016, the Government announced a package of measures to enhance the operation of the Australian Securities and Investments Commission (ASIC) and to improve consumer outcomes in the financial system. As part of his package, the Government announced a review...