This is your regular update of new insurance regulatory developments relevant to the Asia-Pacific* and India, new insurance-related case law in Hong Kong, Australia and England and interesting insurance articles from across the world.

Insurance regulatory updates

Hong Kong

Compliance with CPD requirements under the New Regulatory Regime for Insurance Intermediaries – Additional Facilitative Measures 

Updated Assessment on the Proposed Policy Holders’ Protection Scheme in Hong Kong

Practice Notes supplementing Standards and Practices 5.4 and 7.1 of the Code of Conduct for Licensed Insurance Brokers

Article on the future development of the insurance industry contributed by Dr Moses Cheng, Chairman (Chinese only)

Singapore

“The COVID-19 Crisis: Risks and Policy Responses” – Transcript of “The Big Questions” – Central Banker Series Podcast by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, with Tim Adams, President and CEO, Institute of International Finance, on 28 May 2020

Malaysia

Appointment of New Deputy Governor and Assistant Governor of Bank Negara Malaysia

UK

Chris Woolard discusses emergency regulation and learning from the coronavirus crisis

India

Modified Guidelines on Product filing in Health Insurance Business-Norms on Proportionate Deductions

Guidelines on  Standardization of General Terms and Clauses in Health Insurance Policy Contracts

Guidelines on Public Disclosures by Insurers on the qualitative and quantitative parameters of the health services rendered to policyholders

Australia

Info sheet 245: Board oversight and discretion in executive variable pay schemes

ASIC’s Interim Corporate Plan for 2020-21

China

CBIRC Releases the Notice on Further Clarifying the Operating Conditions of Agricultural Insurance Business

CBIRC Releases the Rules on Financial Leasing Companies

Insurance articles

The limits of contractual discretion: UK Acorn Finance Limited v Markel (UK) Limited [2020] EWHC 922 (Comm)

Avoidance for Material Non-Diclosure: Niramax Group Limited v Zurich Insurance Plc [2020] EWHC 535 (Comm)

Insurance news

Allianz doubles down on “growth engine” Asia

Hong Kong: Insurer offers free COVID-19 protection with insurance plans

AIA Hong Kong rolls out remote insurance purchase feature

Zurich bolsters climate change resilience line-up

Australia: Insurer’s research indicates need for mental health support

Corrupted insurance funds laundered at overseas casinos – prosecutor

AMTD completes acquisition of Singaporean insurtech PolicyPal

Axa XL appoints head of Asia and Europe

Sedgwick names director of Hong Kong operations

Ransomware incidents spike 25% in Q1

Insurers could be sued over business interruption claims




*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.