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InsuranceNewsAustralia.com

• Exemption revoked in world first move
  THE FEDERAL Governments decision to license credit rating agencies and research houses and bring them within ASICs regulatory umbrella is a world first that could put Australia out of step with the rest of the world.
• Conflicts obvious says Minister
  THE FEDERAL Minister responsible for Corporations Law believes there is a fairly obvious conflict if a business is paying a credit rating agency for a rating.
• Canberra to push for reforms overseas
  PRIME MINISTER Kevin Rudd is so proud of Australias new licensing and compliance reporting rules for credit rating agencies and research houses that he took it to the G-20 summit in Washington at the weekend.
• Financial planners toast Sherrys mo
  THE FINANCIAL Planning Association has welcomed the Governments move to license credit rating agencies and research houses saying it would enhance the quality of information available from them.
• Zurich holds profit in grey da
  ZURICH FINANCIAL Services Australia leaders were ensconced in a senior staff meeting all day yesterday after the parent Zurich Financial Services announced it was still in profit despite the grey days of the global financial crisis.
• Zurich FS expands product range
  ZURICH FINANCIAL Services intends to expand it its product range and distribution capabilities, facilitating profitable growth despite challenging market conditions.
• Insurers urge fast claim filing
  THE GENERAL INSURANCE knowing it is under increasing public watch has urged policyholder victims of the Queensland storms at the weekend to file claims as fast as possible.
• Allianz comments on Ken Done issue
  ALLIANZ HAS been joined in a court action involving artist Ken Done suing Financial Wisdom Ltd and others alleging the parties were partly responsible for him losing $53 million in unauthorised investments.
• QBE quietly buys Exporters Insurance
  WITHOUT MUCH fanfare QBE Holdings has done a deal to buy Bermuda-based Exporters Insurance Company, Ltd domiciled and licensed in Bermuda with surplus lines authority in numerous US states.
• Ratings agencies take negative view
  RATINGS AGENCIES A.M. Best and Fitch Ratings have placed QBEs latest intended purchase Exporters Insurance on negative watch following the imminent closing of the deal.
• CGU launches major PI detail
  CGU PROFESSIONAL Risks, a long-time specialist in PI and other such products, has built up its PI policies to help meet the exposure to business in the global financial crisis (GFC).
• Employment practices liability needed now
  WITH ALL sorts of litigation about to stretch tentacles in these grasping economic conditions, CGU Professional Risks is offering Employment Practices Liability cover as one of several optional extensions to the Professional Indemnity policy.
• Time to ensure dollars are disclosed
  THE INSURANCE sector is warned to make sure that dollar disclosure is included in all product disclosure statements. Charmian Hole, Gold Seal We have found a lot of people in the insurance industry have overlooked this dollar disclosure when reprinting their PDS, said Charmian Holmes, a director of Gold Seal. The transition period for dollar disclosure in a PDS ended on July 1, she said. And the law insists that dollar disclosure must be included in all new or updated PDS published after July 1 - unless an exemption applies.
• Placing in Victoria covers all brokers
  NEW RULES relating to premium splitting and net rating imposed by fire authorities in Victoria apply to all insurance brokers in Australia when placing cover for Victorian based risks. Th
• CGU goes to Tamworth
  CGU INSURANCE is going to Tamworth today without the boots and guitars but to play an important role in improving farm safety for people on the land in Australia.
• No more broking for ex-OAMPS staffer
  FORMER OAMPS insurance broker Anastasia Hronopoulos of NSW has been banned permanently by ASIC from providing financial services after ASIC investigation.
• Xchanging-Cambridge ready to expand
  FROINTLINE UK business processing company Xchanging is expected to have the controlling interest in Cambridge Solutions confirmed in the UK and India by January next year.
• Leighton exec is risk manager of the year
  DAVID HUDSON executive general manager, risk management of Leighton Holdings is the Risk Management Institution of Australasias 2008 Risk Manager of the Year.
• APRA chief urges backs to basic
  APRA CHAIRMAN John Laker has urged Australias mutuals to get back to the basics of deposit gathering, household lending and customer service.
• Budget said to be rising in Victoria
  BUDGET DIRECT has grown its share of the crowded motor insurance market at the expense of the major insurers, according to a study by Roy Morgan Research. According to the recent research, the Brisbane based direct market insurer has achieved 2.6% of the market since it began operations 3 years ago through competitive pricing on premiums.
• BBBR could be new for accounting
  WITH EVERY aspect of every business demanding so much accounting perusal, all businesses even insurance from small brokers to the multinationals may have to get used to a new acronym BBBR.
• The Caymans alive and wel
  THE CAYMAN ISLANDS in the Caribbean are alive and well and offering bases for insurers and reinsurers.