Insurance regulatory updates

Hong Kong

IA releases Circular providing Interpretation Notes relating to the Guideline on Financial Needs Analysis

IA releases Circular on applications for new licences by insurance agents who are deemed licensees

IA releases Circular on applications for new licences by licensed insurance agencies and their technical representatives (agents) who are deemed licensees

IA releases Circular on applications for new licences by licensed insurance brokers and their technical representatives (brokers) who are deemed licensees

IA releases Circular providing Interpretation Notes relating to the Guideline on Benefit Illustrations for Long Term Insurance Policies

Insurance Authority launches a public education campaign on medical insurance

India

IRDAI releases circular on Solvency Margins for Crop Insurance Business

Australia

ASIC issues guidance for Government’s enhanced regulatory sandbox

ASIC’s Corporate Plan 2020-24

ASIC provides relief for companies planning an initial public offering

ASIC manages transition to new regulatory regime for litigation funding schemes

APRA publishes 2020-2024 Corporate Plan

APRA releases quarterly general insurance statistics for June 2020

China

CBIRC Solicits Public Opinions on the Implementation Rules on Administrative Licensing and Filing of Insurance Intermediaries (for Consultation)


Insurance cases

Legal And General Assurance Society Ltd, Re [2020] EWHC 2299 (Ch)
English High Court – 20 August 2020

Application to sanction scheme for the transfer of insurance business – independent expert conclusion supported finding that Scheme will not materially adversely affect any relevant groups of policyholders – Scheme sanctioned.


Insurance news

Asian reinsurers to refocus existing protection amidst pandemic

Aon provides coverage to cryptocurrency exchange

Aon, Willis Towers Watson secure shareholder approval for mega-merger

MAS to ensure financial sector’s stability on the way to recovery

Australia’s P&C profits tumble as nat cat bill hits US$2.8bn

BMS appoints Lloyd’s Amy Fu for Asia management role
Markel’s strategic pivot to renewables and Asia

Pakistan: Regulator issues new life insurance licence

Mapfre hit by cyber attack

Singtel, Great Eastern float general insurance plans

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