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December 19, 2014
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Insurance Regulatory Bodies and Legislation

Insurance Regulatory Bodies and Legislation

The insurance industry in Australia has many industry specific regulatory requirements: prudential regulation, financial services regulation and contractual regulation. The prudential aspects of general and life insurance are regulated by APRA; matters relating to advice or disclosure of insurance products sold are regulated by the ASIC; and the ACCC has a regulatory role with respect to market competition and anti-competitive conduct by companies.
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Why it's not Safe to Provide a Professional Service to your Clients Without PI Insurance

Why it's not Safe to Provide a Professional Service to your Clients Without PI Insurance

As a professional you are putting yourself out there. You are providing a service to the public. You are also human and mistakes do happen. In the event that you, or one of your employees unintentionally makes an error, or have an omission in your work and you could be held liable for in the event your client or third party suffers a financial loss.
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When Should a Retail Business that Sells Products to Consumers Consider PI Insurance?

When Should a Retail Business that Sells Products to Consumers Consider PI Insurance?

A retail business is a business that sells products to consumers (excluding manufacturers, importers/exporters). In order to determine when a retail business needs to consider Professional Indemnity Insurance, it is important to firstly explain the coverage provided by other policies as these policies do not overlap or provide dual cover. We have summarized an overview of common policy feature - it is important to remember that each policy wording can vary depending on the insurer so remember to compare each policy or seek professional advice.
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