The Civil Liability (Third Party Claims Against Insurers) Act 2017 No. 19 (NSW) was assented to on 1 June 2017 and amends the Law Reform (Miscellaneous Provisions) Act 1946 No. 33 (NSW). The object of the Act is to give effect to the recommendations of the NSW Law...

ASIC has released for public comment Consultation Paper 284 - Example Statement of Advice for life insurance: Update to RG 90 which contains ASIC's proposals for updating Regulatory Guide 90 Example Statement of Advice: Scaled advice for a new client (RG 90). ASIC...

The current Corporations Act 2001 (Cth) (Corporations Act) and Corporations Regulations 2001 (Cth) (Corporations Regulations) regime for life risk insurance conflicted remuneration is set to change. The reforms are designed to: address issues in the quality of advice...

The Terrorism Insurance Act 2003 - Risk Retention Direction 2017 was made under the Terrorism Insurance Act 2003 (Cth) and registered on the Federal Register of Legislation on 30 May 2017. It provides the Revenue and Financial Services Minister's written directions to...

ASIC has released Report 523 - ASIC's Innovation Hub and our approach to regulatory technology for public comment. REP 523 provides an update on the work of ASIC's Innovation Hub and outlines its approach to financial technology, regulatory technology (regtech) and...

APRA released Quarterly General Insurance Performance Statistics - March 2017. According to the statistics, in the year ended 31 March 2017: net earned premium increased 4.8%, from $30.3 billion to $31.8 billion; net incurred claims increased by 10.9%, from $19.4...

APRA released Quarterly Life Insurance Performance Statistics - March 2017. According to the statistics, in the year ended 31 March 2017: net policy revenue decreased by 1%, from $15.7 billion to $15.5 billion; net policy revenue recognised as a deposit decreased by...

Federal Treasury has issued a Post-implementation Review - Future of Financial Advice: Additional amendments for public comment which aims to examine the effects on industry and consumers of the implementation of the following measures introduced as part of the Future...

Treasury released Consultation Paper - Improving dispute resolution in the financial system on the proposed introduction of a new dispute resolution framework after the federal government's recent acceptance of 11 recommendations outlined in a final report of the...

The Emergency Services Levy Insurance Monitor (ESLIM), Allan Fels, has issued a notice in Government Gazette No. 46 (7 April 2017), p. 1,189, under the Emergency Services Levy Insurance Monitor Act 2016 No. 23 (NSW), notifying a Public Inquiry into "matters relating...