The General Insurance Code Governance Committee has published its report on compliance with the General Insurance Code of Practice for the 2022–23 reporting year.
The Committee has identified the following top 5 Code breaches:
APRA has published a report on the implementation of APRA’s new prudential capital adequacy standards for the private health insurance (PHI) industry, which commenced on 1 July 2023.
ICAAP Summary StatementsInsurers are required to have an Internal Capital Adequacy Assessment
In Australian Securities and Investments Commission v BPS Financial Pty Ltd [2024] FCA 457 the Federal Court found BPS Financial Pty Ltd (BPS) contravened the Corporations Act as it did not hold an Australian Financial Services Licence, nor was authorised
The Crimes and Other Legislation Amendment (Omnibus No. 1) Bill 2024 has been introduced into the House of Representatives. Among other things, it will increase the penalty unit from $313 to $330 with effect from 1 July 2024.
Commonwealth civil
The Commonwealth Attorney General has announced details of the next phase of privacy reform. Background.
The Government will bring forward legislation in early August to outlaw the release of private information online with an intent to cause harm (known
The Attorney-General has announced the second stage of consultation on reforming Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. Background.
The proposed reforms extend the existing AML/CTF legislation to certain high-risk services, also known as tranche 2 services. This
Macquarie Bank Limited and ASIC have announced that the Federal Court has approved the parties’ proposed resolution of ASIC’s action in relation to an independent financial adviser who misappropriated client funds through Macquarie’s CMA between 2016 and 2019.
The Federal
Commonwealth Parliament resumes on 14 May 2024 for the Budget sittings.
Unfinished business includes:
The Panel for the Independent Review of the 2020 General Insurance Code of Practice has released an initial Consultation Paper.
The Review’s first phase focuses on general topics that are not directly related to the 2022 floods, such as
Treasury has released the exposure draft Program Directions for the Help to Buy scheme. Background.
The instrument sets out the residential property price caps that apply to the program. These price caps restrict the purchase price of the