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 and news from across the world.  

Insurance regulatory updates

Hong Kong

The Insurance Authority has published a response to media enquiries about the impact of putting in place the Prohibition of Face Covering Regulation under the Emergency Regulations Ordinance (Cap. 241) on validity of insurance policies

Singapore

New initiatives to facilitate expansion of financial institutions in China and Singapore in each other’s markets

Malaysia

Bilateral Meeting between Bank Negara Malaysia and Bank Indonesia

India

IRDAI published Master Circular on Insurance Advertisements

Australia

ASIC to provide relief from financial adviser compliance scheme obligations

ASIC releases report on director and officer oversight of non-financial risk

UK

FCA sets out potential remedies to tackle concerns about general insurance pricing

China

CBIRC publishes State Council Decree signed by LI Keqiang announcing the State Council Decision on Revising the Regulations of the People’s Republic of China on Foreign-funded Insurance Companies and the Regulations of the People’s Republic of China on Foreign-funded Banks

 Insurance cases

AXA Art Versicherung AG, UK Branch, Re Chancery Division, 14 October 2019 [2019] 10 WLUK 186 – English High Court – The court made pre-directions in relation to a proposed scheme for the transfer of UK insurance business from German and French companies to an Irish company, due to take place on 31 December 2019, where the proposed transfers did not require approval under the Financial Services and Markets Act 2000 Pt VII, but would do if the UK left the EU under a “hard” Brexit.


UDP Holdings Pty Ltd (subject to deed of company arrangement) (rec and mgr apptd) v Ironshore Corporate Capital Ltd (No 2) [2019] VSC 645 (9 October 2019) – Victorian Supreme Court – Warranty and indemnity insurance: in a share sale agreement, the insured seller gave false warranties on the financial position of the business. It recovered against its warranty and indemnity insurers. The case explores questions of whether underwriters were estopped from disputing the underlying arbitration award against the insured, the quantification of loss and questions of breach of the duty of good faith by underwriters.

Insurance articles / news

China opens insurance sector to foreign investors

AIG names Steve Gibbs as APAC head of claims, general insurance

IAG to leave its investment in SBI General

Why a ‘blanket investment approach’ to tech solutions isn’t the way forward

Marsh India agrees deal for JLT Independent

Insurance digital services expected to grow threefold within next five years

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