Tag archives: APRA

Enforceable code provisions: an interview with John Price, Lead Ombudsman for General Insurance Decisions, AFCA

By Matthew Ellis and Ray Giblett on April 29, 2019 Posted in Industry news

Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry. In the second instalment of the series, we were joined by John Price, Lead Ombudsman for General Insurance Decisions at the Australian Financial Complaints … Continue reading

Removal of the claims handling exemption – what will it mean for insurers?

By Matthew Ellis and Ray Giblett on March 27, 2019 Posted in Industry news, Regulation

A Norton Rose Fulbright webinar with John Anning, Insurance Council of Australia Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry. In the first of these interviews, Ray Giblett (insurance partner, Sydney) sat … Continue reading

Insurance After Hayne Part 6 – The BEAR necessities

By Ray Giblett, Matthew Ellis and Alex Madry on March 15, 2019 Posted in Industry news, Regulation

Welcome to the 6th and final instalment of our weekly updates following the Hayne Royal Commission into the financial services industry. This week we focus on Recommendation 4.12, in which Hayne recommends that the Banking Executive Accountability Regime (BEAR) be extended to other financial service providers, including insurers. Now that the full contents of the … Continue reading

Insurance After Hayne Part 5 – The Three Cs: Claims, Codes and Complaints. A Triple Threat or Opportunity?

By Ray Giblett, Matthew Ellis and Timothy Chan on March 12, 2019 Posted in Industry news

Welcome to Part 5 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on … Continue reading

Insurance After Hayne Part 3 – The duty of disclosure: 5 lessons for insurers

By Ray Giblett, Matthew Ellis and Alex Madry on February 22, 2019 Posted in Industry news

Welcome to Part 3 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This week, we shift our focus to one of the … Continue reading

Insurance After Hayne Part 2 – How the Royal Commission will change how insurance is sold

By Ray Giblett, Matthew Ellis and James Kim on February 15, 2019 Posted in Industry news

Welcome to Part 2 of Insurance After Hayne, a series focusing on the implications for general and life insurers of the Royal Commission’s final report. In last week’s article, we provided an overview of the recommendations applicable to the insurance industry. This week, we look more closely at the recommendations regarding sales practices and policy … Continue reading

Insurance after Hayne Part 1 – What do insurers need to do following the Royal Commission’s final report?

By Ray Giblett, Matthew Ellis and Timothy Chan on February 8, 2019 Posted in Industry news

Welcome to Part 1 of “Insurance after Hayne”, a special series on our Insurance Law Tomorrow blog focusing on the implications for general and life insurers following the release of the Royal Commission’s final report. Each week, we will be sharing our thoughts on Commissioner Hayne’s recommendations through the lens of our insurance regulatory team. … Continue reading

New Prudential Standard for the Information Age – CPS 234

By Ray Giblett and Timothy Chan on November 13, 2018 Posted in Regulation

The Australian Prudential Regulation Authority (APRA) has finalised a new Information Security Prudential Standard (CPS 234) coming into effect on 1 July 2019. CPS 234 will apply to all APRA regulated entities, including insurers. The purpose of CPS 234 is to ensure that an APRA regulated entity has measures in place to be resilient against … Continue reading

Climate Change Risk: what it means for Australian Boards and their D&O insurers

By Nicole Wearne and Elisa de Wit on May 9, 2017 Posted in Industry news

Progressive corporations are now focused on Environment and Social Risk Governance (ESG) criteria as an important indicator of business performance. Evaluation of which environmental risks might affect a company’s income and expenses, and how to manage those risks, are important issues for socially aware investors in driving investment decisions. In the coming decade – as … Continue reading