NIBA seeks feedback to help it form its response to the consultations of the Albanese government and New South Wales (NSW) government on the ASIC's IFM to ensure the model's settings remain appropriate in the long-term despite the significant changes in the financial services market since it was introduced in 2017.
A ‘terms of reference’ is available to guide the review, but the government has not yet announced a date for the public consultation process. In a recent statement, NIBA promised to “work with Treasury and ASIC to ensure members' voices are heard.”
Consistent with the Personal Injury Commission Act 2020, SIRA has started a statutory review of the NSW Personal Injury Commission.
The commission was established in 2020 to take over the functions of the Workers’ Compensation Commission, Dispute Resolution Service, the Motor Accident Claims Assessment and Resolution Service, and the Motor Accidents Medical Assessment Service.
NIBA explained that the review will consider whether the act's policy objectives remain valid and whether its terms are appropriate for securing those objectives.
Aside from seeking feedback on the IFM, NIBA has delayed the implementation date for a section of the 2022 Insurance Brokers Code of Practice's (Code) dealing with remuneration.
