ASIC has permanently banned a former authorised representative of ACE from the financial services industry as part of an on-going investigation.Abhinav Gupta was an AR of ACE Insurance between October 2013 and May 2014, ASIC said in a statement, operating through the Combined Insurance division in … [Read more...] about Permanent ban for insurance advisor
Penalties to Hit Harder Recent changes to transport laws now hold more individuals and companies in the transport chain accountable for breaches. The Heavy Vehicle National Law (HVNL) commenced in 2014 and applies in all States of Australia except Western Australia. The legislation applies to all … [Read more...] about Tougher Transport Laws
CGU and Accident and Health International (AHI), a wholly owned entity of CGU, have agreed to refund customers more than $2 million in payday loan consumer credit insurance (CCI) premiums and fees, ASIC has confirmed.The agreement follows court action undertaken by ASIC against The Cash Store that … [Read more...] about Leading insurer to refund over $2 million
A Must-Have For Many Businesses Many business owners are unaware their standard business package insurance will not cover pollution remediation. It’s likely that contractors and other professionals working on major infrastructure and construction projects will have appropriate cover, but the cover … [Read more...] about Pollution Liability Insurance
ACE Ltd. announced it would pay US$28.3 billion in cash and stock to acquire its rival, Chubb Corp., in the largest-ever acquisition between two companies in the insurance industry.ACE shareholders will now own 70% of the new company, which will operate under the Chubb name and be led by ACE Chief … [Read more...] about Largest ever insurance acquisition announced
Over reliance on cyber insurance could lead to security breaches thanks to a distorted focus, a leading cyber expert has said.Principal security analyst at global cyber security firm Websense, Carl Leonard, said that when company’s shift their focus to insurance rather than mitigation, they leave … [Read more...] about Cyber insurance could be limiting security
Weather Events Demand a Closer Look Following on from the previous article in the last edition of Brokerwise, we continue to focus on the impact of Co-Insurance or “Underinsurance” as it is more commonly known. The importance of considering and selecting appropriate and adequate Insurance Policy … [Read more...] about Underinsurance
Don't Cancel Your Cover The business has closed, it’s no longer trading, no more parts or products being manufactured or imported. No more installations or maintenance. No goods for sale. So, time for retirement or a change in direction. We just need to cancel the insurance. Well, not exactly. … [Read more...] about Closing your business?