Op Risk

APRA finalises guidance for upcoming op risk standard, CPS 230

June 13 2024

Regulator releases final cross-industry guidance to aid in the implementation of CPS 230, which will take effect from 1 July 2025.

Two Philippine non-life insurers placed under conservatorship - report

June 7 2024

Insurance Commission reportedly take control of Premier Life and Trisco due to legal non-compliance.

Rapid growth in MGA premiums warrant enhanced oversight: AM Best

June 4 2024

AM Best calls for heightened oversight amid rapid growth of MGAs and increased private equity involvement.

Australian Consumers Insurance Lobby calls for reforms to GI Code of Conduct

May 29 2024

ACIL proposes 52 recommendations to Code of Conduct, aiming to close loopholes and improve consumer protections in light of increasing disputes.

major-japanese-insurers-admit-to-sharing-customer-data-report

Major Japanese insurers admit to sharing motor customer data - report

May 24 2024

Insurers admit to sharing of policy information, marking the latest in a series of industry compliance issues in Japan over the last year.

Mitsui Sumitomo Insurance aiming to offload all cross-held shares within two years - report

May 7 2024

Incoming head pledges rapid divestment as part of response to price-fixing scandal that hit major Japanese insurers.

New AI platforms require tighter focus on governance

May 2 2024

APAC insurers' traditional business models and legacy architecture could make it harder for them to tackle new risks.

australia-life-insurance-breaches-rise-for-third-year-but-impact-significantly-fewer-customers

Australian life insurance code breaches rise for third year, but impact fewer customers

April 9 2024

The Life Insurance Code Compliance Committee reports 9% rise in breaches in 2022-23, but 47% reduction in number of customers impacted.

IAG pays AU$37m in worker back-pay due to inadequate systems

April 5 2024

Insurer self-reported non-compliance and pays over AU$21m (US$13.83m) for federal wages and entitlements, while settling AU$16.2m for state and territory long service leave entitlements.

Insurance Council of New Zealand enhances complaints transparency

March 25 2024

ICNZ collaborates with dispute resolution services to break down complaints data by member.

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