On 30 September 2025, the Australian Government announced a review of the Terrorism and Cyclone Insurance Act 2003 (Cth) (the Act).
Background
The Act provides the legislative underpinning for the Australian Reinsurance Pool Corporation’s operation of the Terrorism Reinsurance Pool (terrorism reinsurance pool) and Cyclone Reinsurance Pool (cyclone reinsurance pool).
As part of its 2025 enforcement priorities, the Australian Securities and Investments Commission (ASIC) has been taking on insurers it says haven’t treated customers fairly or in good faith. In its latest move, announced on 23 September 2025, the regulator initiated proceedings in the Federal Court against RACQ Insurance Limited (RACQ)
On 24 September 2025, the Australian Government issued for comment draft legislation that would ban the use of genetic test results in life insurance underwriting. The amendments follow the policy concern that individuals are delaying or neglecting to obtain genetic testing for fear that an adverse result will affect their ability to obtain affordable life
This article was co-authored with Michele Beck, Tom Clark, Masooma Saberi, Hasan Mohammad and Vivian Truong.
Between November 2024 and January 2025, the Australian Securities and Investments Commission (ASIC) released draft guidance for the new sustainability reporting regime, as well as guidance on the financial Advisor reforms in the Treasury Laws Amendments (Delivering Better Financial
The recent Federal Court decision in ASIC v Auto & General Insurance Company Limited [2024] FCA 272 is the first decision to apply the unfair contract terms (UCT) regime in the context of insurance since its expansion to insurance policies on 5 April 2021. On 22 March 2024, Jackman J delivered a judgment
On 7 February 2024 the FCA published a letter to all regulated Lloyd’s managing agents, London market insurers and Lloyd’s and London market brokers and MGAs (dated 6 February 2024), requesting information relating to incidents of non-financial misconduct. Culture and non-financial misconduct clearly remain focus areas for the FCA.
Key points to note from the
Solvent Exit Planning: Implications of the PRA proposals in CP2/24
On January 23, 2024, the Prudential Regulation Authority (PRA) published a consultation paper (CP) (CP2/24) outlining its proposals for PRA-regulated insurers to prepare for an orderly ‘solvent exit’ as part of business-as-usual (BAU) activities, and to be able to execute such a solvent
On November 16, 2023, the Prudential Regulation Authority (PRA) published consultation paper CP24/23: Funded reinsurance, setting out its proposed expectations in respect of life firms entering into or holding funded reinsurance arrangements as cedants.
The PRA recognises that such reinsurance arrangements are an important part of risk management. However, the PRA sets out its
The Australian Prudential Regulation Authority (APRA) has finalised Prudential Standard CPS 230 (Operational Risk Management) (CPS 230) following a year-long industry consultation. The new prudential standard commences on 1 July 2025 and applies to all APRA-regulated entities, encompassing banks, insurers (general, life and health) and registrable superannuation entity licensees. This
The Australian Prudential Regulation Authority (APRA) has finalised Prudential Standard CPS 230 (Operational Risk Management) (CPS 230) following a year-long industry consultation. The new prudential standard commences on 1 July 2025 and applies to all APRA-regulated entities, encompassing banks, insurers (general, life and health) and registrable superannuation entity licensees. This