Australia Insurance Industry
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The insurance markeT in ausTralia basically divided inTo Three parTs 1. Health Insurance 2.General Insurance 3.Life Insurance
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Insurance protects against different types of accidental and unforeseen events and provides help in difficult situations, so policyholder can face those unfortunate circumstances easily and get back on track as soon as possible.
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Regulators ACCC (Australian Competition and Consumer Commission) APRA (Australian Prudential Regulation Authority) ASIC (Australian Securities and Investments Commission)
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accc ACCC was established on 1995 and it is the independent authority of The Australian Government. The Australian Competition and Consumer Commission plays a regulatory role with respect to competition law. It is also play an educative role for both consumers and businesses to their rights and responsibilities under the act.
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apra The Australian Prudential Regulation Authority regulates both general and life insurance. It was established on 1 July 1998. APRA also oversees credit unions, bank societies, reinsurance companies and banks. This is a statutory authority of the Australian government.
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asic ASIC was established on 1 July 1998. The Australian Securities and Investments Commission is an independent body of the Australian government. It regulates the matter relating to disclosure or advice of insurance products sold. It also regulates the financial services laws and company to protect Australian consumers and investors and creditors as well.
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phiac  The Private Health Insurance Administration Council regulates the private health insurers.  Medicare is the basic universal health insurance provided by the Australian government. www.trueinsurance.com.au
It is also important to know that in certain states, several authorities have power to regulate certain types of statutory insurance in Australia.
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www.trueinsurance.com.au