The Insurance Industry in Australia is quite heavily regulated. Regulators are designed primarily to protect the long term interests of consumers in Australia.
The Australian Securities and Investment Commission (ASIC) play a large role for the Insurance industry in Australia. Their primary responsibility is to look after the financial well being and reputation of the Australian Financial Services market. They do this through the use and enforcement of the Corporations Act.
The Australian Prudential Regulation Authority (APRA) was set up to protect the interests of Australian Depositors, insurance policy holders and superannuation fund members.
The Financial Services Ombudsman (FOS) was established to manage disputes between insurer's and policy holders surrounding information, claims, and general policy disputes.
In New Zealand, the main insurance industry regulator is the Financial Markets Authority.