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
Submission of Audited Financial Statements and Auditor’s Report under Section73(1) of the Insurance Ordinance for licensed inurance broker companies
Insurance Authority introduces temporary facilitative measures to reduce the risk of virus infection in the selling process of selected insurance products
Australia
APRA releases general insurance statistics for December
2019
APRA releases life insurance statistics for December 2019
APRA outlines plans for climate risk prudential guidance
and vulnerability assessment
CBIRC Releases Notice on Related Matters to Strengthening
Actuarial Supervision of Life Insurance
CBIRC Ends the Takeover of Anbang Group
CBIRC Releases Supervisory Statistics of the Banking and
Insurance Sectors — 2019 Q4
General Office of CBIRC Issues the Notice on Further
Improving Financial Services for Epidemic Prevention and Control
Insurance cases
PC Case Gear Pty Ltd v Instrat Insurance Brokers Pty Ltd (in liq) [2020] FCA 137
Federal Court of Australia – 19 February 2020
Insurance brokers negligence – An insurance broker was found liable for losses flowing from its failure to advise its client on the availability of insurance that would have covered liability for copyright infringement.
Marino v FM Capital Partners Ltd [2020] EWCA Civ 245
English Court of Appeal – 26 February 2020
Settlement of claims – apportionment of monies to separate elements of claim – In the case, some of the defendants had settled with the claimaint. One defendent had not settled and argued that he should be able to discount the quantum of the claim against him with the settlement amounts paid by the other defendants. The claimant had, instead, apportioned the settlement to different parts of the overall claim. The Court of Appeal held that the first instance judge had not erred in accepting the claimant was entitle to choose how to apportion a settlement provided that it was not “obviously unsustainable”.
It held that policy considerations favouring the encouragement of compromise between parties would be undermined if a claimant who made a settlement with one of the defendants to a claim had to give credit to the other defendant for the sum paid under the settlement, unless the claimant was able to prove the merits of the case against the defendant who had settled.
Chapelgate Credit Opportunity Master Fund Ltd v Money & Ors [2020] EWCA Civ 246
English Court of Appeal – 26 February 2020
Litigation funding – cap on costs payable by non-party – The approach set out in Arkin v Borchard Lines Ltd (Costs Order) [2005] EWCA Civ 655, [2005] 1 W.L.R. 3055, [2005] 5 WLUK 695 to capping the costs payable by a non-party who had provided funding did not represent a binding rule, and judges did not necessarily have to adopt it when determining the extent of a commercial funder’s liability for costs.
Insurance articles / news
IASB concludes talks on amendments to IFRS 17
Future at Lloyd’s update released – insurance industry offers its reaction
Demand for liability insurance surges in India
India: Pension regulator expects 35m subscribers by end-March under its umbrella
Asian insurtechs raised over $3b in 121 deals since 2015
Malaysian life insurance market to surpass US$13 billion in 2023 – report
Munich Re confirms US$1bn buyback timetable
Stella Fok to retire from Liberty Hong Kong
FWD appoints former AIA exec as managing director
Jon Hancock to lead AIG’s international GI operation
South Korea: Co-insurance spells solvency solution to insurers, opportunities to reinsurers
Asian insurance pricing gains lag rest of world: Marsh
Allianz’s property/casualty writings boom in Asia Pacific
AXA rolls out COVID-19 care package
Manulife Singapore commits $1m for enhanced COVID-19 coverage
Prudential Singapore commits $1.5m COVID relief package
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.
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