The General Insurance Code Governance Committee has released its Annual Report for the 2022-2023 financial year.
The report analyses the insurance industry’s compliance with the 2014 General Insurance Code of Practice (2014 Code) and the 2020 General Insurance Code of Practice (2020 Code).
The report discloses breach data including:
The Statutory Declarations Amendment Bill 2023 (Cth) has been passed by the House of Representatives and referred to the Senate Legal and Constitutional Affairs Legislation Committee.
If passed, a Commonwealth statutory declaration would be able to be executed in any one of the following ways:
The Attorney General’s Department has released a Discussion Paper on Personal Insolvency rule changes.
The proposed changes include:
Australia’s Attorney-General has released a Consultation Paper on proposed reforms of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Part 1 of the consultation paper proposes reforms that will simplify and modernise the operation of the regime.
Part 2 of the consultation paper proposes extending the AML/CTF regime to certain professions, including lawyers, accountants, trust
ASIC has published REP 761 Scam prevention, detection and response by the four major banks which discusses its review of the current scam-related activities of the four major Australian banks (ANZ, Commonwealth, NAB and Westpac).
The review analyses how banks can help to minimise the impact of scams on the Australian community by:
In Australian Securities and Investments Commission v Membo Finance Pty Limited (No 2) [2023] FCA 126 the Federal Court of Australia imposed penalties for contraventions of the National Credit Act and Code of $3,205,000 against credit licensee Membo Finance and $2,800,000 against Richmond Group Financial Services Pty Ltd, Membo’s sole shareholder and Membo’s sole credit
The Australian Prudential Regulation Authority (APRA) has published the findings of its review into the strength of the general insurance industry’s risk management frameworks, in response to business interruption (BI) insurance coverage issues that arose from lockdowns and other COVID-19 restrictions.
APRA required 10 insurers to conduct a self-assessment against the robustness of their
The Reserve Bank of Australia’s Payment system Board has published its Annual Report 2022.
The report outlines its policy and regulatory work in support of its strategic priorities:
The Australian Prudential Regulation Authority (APRA) has released for consultation its proposed updates to the guidance on contingent liquidity for locally-incorporated authorised deposit-taking institutions (ADIs) subject to minimum liquidity holdings (MLH) requirements in Prudential Standard APS 210 Liquidity (APS 210).
During the COVID pandemic, in 2020, APRA wrote to the industry with guidance that MLH
The Australian Prudential Regulation Authority (APRA) has released a draft new cross-industry Prudential Standard CPS 230 Operational Risk Management designed to strengthen the management of operational risk by all APRA-regulated entities including the banking, insurance and superannuation industries.
Operational risk is defined as the potential for financial loss or material disruption as a result of