This is a compilation update of new insurance regulatory developments for the first half of 2022 relevant to the Asia Pacific* and interesting insurance articles from across the world.

Insurance regulatory updates
Hong Kong

30 June 2022:
GL5: Guideline on Application for Authorization to Carry on Insurance Business in or from Hong Kong and GL1: Authorization Guideline

21 June 2022:
Cross-Agency Steering Group announces launch of information and data repositories and other progress in advancing Hong Kong’s green and sustainable finance development

31 May 2022:
Continuing Professional Development (“CPD”) Requirements
CPD Compliance Reporting for the Assessment Period 2021/2022
Detailed instructions for reporting by individual licensees and appointing principals to the Insurance Authority (“IA”)

31 May 2022:
Insurance Authority releases provisional statistics of Hong Kong insurance industry in the first quarter of 2022

20 May 2022:
Applications for Renewal of Insurance Intermediary Licence (Individuals)

13 April 2022:
Interpretation Notes for Module C of the Guideline on Group Supervision

11 April 2022:
The Publication of The International Sustainability Standards Board Proposed Standards for Public Consultation

1 April 2022:
Circular on the supervisory standards and key requirements on the use of premium financing to take out long term insurance policies

25 March 2022:
Continuing Professional Development (“CPD”) Requirements for Insurance Intermediaries – Assessment Period 2021/2022

21 March 2022:
Applications for new licences by deemed licensees
Cut-off dates for applications

15 March 2022:
Launch of Remote Invigilation Mode Examination (RIME) of the Insurance Intermediaries Qualifying Examination (IIQE)

4 March 2022:
Further Facilitative Measures under the COVID-19 Pandemic

28 January 2022:
Regulatory Approaches of the Insurance Authority in Relation to Virtual Assets and Virtual Asset Service Providers

28 January 2022:
Continuing Professional Development (“CPD”) Requirements under the New Regulatory Regime for Insurance Intermediaries – Information on CPD hours for the Assessment Period 2021/2022 available through Insurance Intermediaries Connect


UK

21 July 2022:
The Bank of England, PRA and FCA set out potential measures to oversee critical third parties in a move to increase resilience of the financial sector

8 July 2022:
Ashley Alder appointed FCA chair

22 June 2022:
FCA fines insurance broker JLT Specialty Limited £7.8m for financial crime control failings

13 May 2022:
Insurance brokers: serving consumers and businesses in times of uncertainty and change

20 April 2022:
FCA finalises proposals to boost disclosure of diversity on listed company boards and executive committees

28 January 2022:
Exchange of letters and work on multiple-occupancy residential buildings insurance


Australia

28 July 2022:
APRA consults on new prudential standard to strengthen operational resilience

14 July 2022:
APRA removes Allianz’s additional capital requirement

1 July 2022 :
RG 260 Communicating findings from audit files to directors, audit committees or senior managers (reissued) : Updated to reflect ASIC’s new policy to routinely communicate negative findings from its reviews of audit files to directors, rather than the current exception basis: see 22-172MR

17 June 2022 :
ASIC Corporations (Notification of Authorised Representatives) Instrument 2022/301 : Exempts Authorised Representatives from the requirement to notify ASIC of the sub-authorisation of employees who provide a claims handling or settling service in relation to general or consumer credit insurance products: see 22-146MR

16 June 2022:
APRA proposes changes to general insurance reporting standards on the treatment of reinsurance recoverables

24 June 2022
ASIC Corporations (Amendment) Instrument 2022/519 : Amends the ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 for changes to legislation impacting the financial reporting requirements of entities under the Corporations Act.

15 June 2022:
Allianz and AWP plead guilty to charges for making false statements about travel insurance

28 April 2022:
APRA releases updated FAQs on general insurance and the Financial Claims Scheme

7 April 2022:
Westpac to pay $1.5 million penalty for mis-selling consumer credit insurance

2 March 2022:
 ASIC streamlines process for insurers to provide consumers cash in emergency situations

1 February 2022:
APRA releases its policy and supervision priorities for 2022


Insurance articles


UK

3 March 2022:
Business Interruption Insurance after the FCA test case: Corbin & King Limited & Ors v AXA Insurance UK Plc [2022] EWHC 409 (Comm)

17 February 2022:
Solicitors Minimum Terms and Conditions and the Meaning of Private Legal Practice: Doorway Capital Limited v American International Group UK Limited [2022] EWHC 182 (Comm)

11 February 2022:
The Construction and Application of Aggregation Clauses: Spire Healthcare Ltd v Royal & Sun Alliance Insurance Ltd [2022] EWCA Civ 17