Regulatory update to insurance industry
A speech by Peter Kell, Deputy Chairman, Australian Securities and Investments Commission
Insurance Council of Australia (ICA) 2015 Regulatory Update, Sydney
27 February 2015
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Thank you to the ICA for inviting me to speak to you today. ASIC’s relationship with the general insurance industry is very important, as your industry helps Australian households manage their risks on a daily basis.
Today, I’d like to talk about:
- recent work that ASIC has been undertaking and our focus over the coming year, including work on no-claims discount schemes, home insurance, the North Queensland home insurance website, and add-on insurance policies
- the Financial System Inquiry and the recommendations relevant to the general insurance industry, including around disclosure
- ASIC’s recent consultation on facilitating electronic financial services disclosure, and
- the General Insurance Code of Practice.