This is our 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

IA releases circular on Continuing Professional Development requirements 
Disciplinary actions for assessment year 2018/2019

Insurance Authority formalises the green light process for assessment of Investment-Linked Assurance Scheme (ILAS) products and ushers in Protection Linked Plans

Insurance Authority appoints Managers to take control of Target Insurance Company Limited in order to maintain market stability and protect policy holders’ interests

Insurance Authority fines a broker company and suspends its license for regulatory breaches

Insurance Authority enters into Memorandum of Understanding with Insurance Complaints Bureau to expedite the handling of claim-related disputes

Insurance Authority welcomes appointment of new Chairman

Singapore

Singapore and China Expand Financial Cooperation through New Initiatives

MAS Proposes to Introduce Due Diligence Requirements for Corporate Finance Advisers

MAS Enhances FinTech Regulatory Sandbox with Sandbox Plus

India

IRDAI issues Circular on Clarification on Guidelines on Standard Professional Indemnity Policy for Insurance Brokers

UK

Highlights of the FCA’s new approach in 2021Charles Randell to step down as FCA and PSR Chair in Spring 2022

FCA Guidance – Enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers

China

CBIRC Issues the Rules on Related-Party Transactions of Banking and Insurance Institutions

CBIRC Officials Answer Media Questions on the Rules on Related-Party Transactions of Banking and Insurance Institutions

CBIRC Holds Meeting on Promoting High-Quality Development of Insurance Industry

CBIRC Issues the Notice on Matters Related to Domestic Insurance Companies Issuing Catastrophic Bonds in Hong Kong Market

CBIRC Issues the Rules on Market Entry of Branches of Insurance Companies

Australia

APRA updates reporting schedule for new operational risk reporting standard

APRA releases annual report on counter-cyclical capital buffer

APRA moves to strengthen capital standards in private health insurance

APRA releases finalised prudential framework for insurance in superannuation

ASIC embarks on regtech innovation initiative into poor market disclosure

ASIC article – When the rubber hits the road – making insurance claims under the new reforms


Insurance cases

Liberty Mutual Insurance Company, Australia Branch v SunWater Ltd (No 2) [2021] NSWSC 1582 (3 December 2021)

General liability insurance – exclusions – proper construction of exclusion clause –indemnity claim arising out of class action concerning the 2011 Brisbane floods – exclusion for claims arising out of the rendering or a failure to render professional advice or service for a fee – whether insured itself or insured’s employed engineer rendered professional service or advice – whether insured merely made employed engineer available – whether exclusion confined to rendering professional advice or service to the recipient or intended recipient of that advice or service – whether there is a material difference between an exclusion of a claim arising from a breach of professional duty or arising from the rendering of a professional advice or service

Outback Music Festival Group Pty Ltd (formerly known as Big Run Events Pty Ltd) v Everest Syndicate 2786 at Lloyd’s [2022] FCA 13 – 19 January 2022

Construction of policy – Covid-19 – communicable disease exclusion – where applicant organised and promoted music festival in Queensland – where festival unable to proceed due to COVID-19 related health, operational and reputational risks and restrictions upon gathering and movement – where policy contained a communicable disease exclusion – where loss arising from restrictions in movement, travel warnings, or quarantine imposed by a “national or international body” excluded – whether COVID-19 restrictions imposed by a “national body” – nature of National Cabinet and other crisis response bodies – National Cabinet a “national body” within the meaning of the policy – exclusion engaged

Insurance news  

Marsh vice chairman reveals retirement

MAS clarifies grounds for claims rejection

Hong Kong regulator warns against illegal use of insurers’ logos on social media

Singapore’s top 50 insurance firms revealed a 17.22% increase in assets

AIA Singapore sharpens focus on high-net-worth segment with new campaign

Generali director hands in resignation

HSBC Malaysia names new CEO

Former Lockton CEO seals new insurance role

Hong Kong strengthens bid as insurance and risk management hub

Chubb names key appointments

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