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

Fourth virtual insurer granted new authorization under Fast Track

Joint statement on the establishment of the Green and Sustainable Finance Cross-Agency Steering Group

Singapore

Electronic Dissemination of Rights Issue and Take-over Documents Allowed Until 30 September 2020

Australia

ASIC defers commencement of mortgage broker reforms and design and distribution obligations

Reminders on director trading during COVID-19

India

Additional grace period for Life Insurance policies

UK

The Financial Services Regulatory Initiatives Forum launches Grid to help financial firms’ planning

China

CBIRC Releases the Notice on Banking and Insurance Sectors Better Serving Key Work Priorities in Agriculture, Rural Areas and Farmers in 2020

IAIS

IAIS facilitates global coordination on financial stability and policyholder protection during Covid-19 crisis

Insurance cases

QBE Insurance Australia Limited v Allianz Australia Insurance Limited [2020] FCA 589 

Federal Court of Australia – 6 May 2020

Insurance – contribution between two insurers covering the same risk –  whether any right to contribution extended to cover defence costs incurred directly by Insurer – Alsop CJ (sitting as a single judge), after finding that the two policies did cover the same risk, held that the principle of contribution applied to costs incurred directly by one insurer in defending the insured. It was not necessary that defence costs be paid strictly by way of indemnity/reimbursement to the insured to give rise to a right to contribution. In rejecting such a technical approach, the Judge said:

“Here the duty to defend and the Defence Costs provision in the QBE policy are together part of a policy of indemnity. They should not be hived off as non-indemnificatory provisions for which contribution is not available. They together provide a form of indemnity or protection or holding harmless against costs…“

Insurance articles / news

AIA Hong Kong launches the territory’s first robotic investment service

Almost half of APAC residents seek new insurance policies

Prudential Singapore launches AI-backed mobile healthcare app

Chubb announces new head for key unit

Zurich simplifies underwriting function with two promotions

Angela Kelly to leave Lloyd’s Singapore this summer

Hannover Re bolstered by April renewals amid Asia expansion

China: Insurers allowed to invest in banks’ debt-to-equity swap offerings

D&O liability insurance gains traction in China


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