Regulation
- See main article Australian insurance law
The prudential aspects of general and life insurance (solvency etc.) are regulated by the Australian Prudential Regulatory Authority (APRA). Matters relating to advice or disclosure of insurance products sold are regulated by the Australian Securities and Investments Commission (ASIC). The Australian Competition and Consumer Commission (ACCC) also has a regulatory role with respect to competition law.
In certain states, various bodies also have powers in regulating certain types of statutory insurance. For example, in New South Wales the Motor Accidents Authority regulates Compulsory Third Party motor liability insurance. In many cases these bodies have powers regarding premium rating and reinsurance rules.
Private health insurers are regulated by the Private Health Insurance Administration Council (PHIAC).
The primary federal legislation is:
- Life Insurance Act 1995 (Life Insurance prudential regulation)
- Insurance Act 1973 (General Insurance prudential regulation)
- Health Insurance Act 2007 (Health insurance prudential regulation and consumer protection)
- Corporations Act 2001 ((especially Ch 7) consumer protection in respect of insurance policies)
- Insurance Contracts Act 1984 (consumer protection in respect of insurance policies)
Read more about this topic: Insurance In Australia
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