Allianz Australia Insurance and AWP fined $16.8 million for false or misleading statements

by

The Supreme Court of NSW has convicted and imposed criminal fines of AU$13.5 million against Allianz Australia Insurance and $3.3 million against AWP Australia Pty for making false or misleading statements. AWP marketed, sold and managed various travel insurance products on behalf of Allianz, the insurer and underwriter. Both Allianz and AWP distributed travel insurance … Read more

Open Insurance Brazil joins OpenID Foundation’s board

by

Open Insurance Brazil (OPIN) has joined the OpenID Foundation’s board as a sustaining member via Peers Consulting + Technology.   Following the rules of the Superintendence of Private Insurance (SUSEP), Peers Consulting is responsible for the management of OPIN, an initiative in Brazil which works to ensure the standardisation of insurance data and service sharing. … Read more

This week in insurance: Australia’s insurance sector faces cost pressures

by

6 in 10 Australians said they are willing to spend more on protection against disasters.  Australia’s insurance sector from 24 to 28 February saw less optimistic industry sentiments from life insurance to SME coverage. Six in 10 Australians support increased spending on disaster mitigation measures such as bushfire and flood protection, according to a Royal … Read more

Insurance regulatory framework: SECP approves major amendments

by

ISLAMABAD: The Securities and Exchange Commission Policy Board has approved major amendments in insurance regulatory framework to increase in the minimum capital requirements for life and non-life insurance companies. The SECP’s Policy Board met here on Friday at the SECP Headquarters under the Chairmanship of Mehmood Mandviwalla. During the meeting, the Board approved significant amendments … Read more