Insurance regulatory updates

Hong Kong

Insurance Authority releases Hong Kong insurance business statistics for 2019

Insurance Authority and the Securities and Futures Commission sign new Memorandum of Understanding

Malaysia

Exposure Draft on Transitional Arrangements for Regulatory Capital Treatment of Accounting Provisions

Australia

ASIC commences proceedings against Allianz Australia Insurance and AWP Australia for alleged misleading sale of travel insurance on Expedia websites

APRA begins roll-out of new Supervision Risk and Intensity Model

UK

Further update on Business interruption insurance test case appeals process

FCA publishes rules that will apply at the end of the transition period

FCA publishes annual report on the regulatory perimeter

China

CBIRC Solicits Public Opinions on the Regulations on Internet Insurance Business (for Consultation)

India

IRDAI issues report of the Committee for development of a concept paper on standalone micro insurance companies 

IRDAI issues Circular on additional norms on portability under health insurance policies

Insurance cases

Natural Dairy (NZ) Holdings Ltd v Chen Keen  [2020] HKCFI 2491, [2020] HKEC 3054
Hong Kong Court of First Instance – 25 September 2020

After the event (ATE) insurance – security for costs – application for provision of security by plaintiff being foreign company – whether order not to be made on ground that: (a) plaintiff’s claim had high degree of probability of success; (b) defendant’ position already sufficiently protected by “after the event” insurance policy taken out by plaintiff.

The court declined to find that the ATE provided the defendant with adequate costs protection on the basis that the terms and conditions of the policy provided the insurer with ample grounds to avoid the policy – and awarded security for costs – continuing a consistent line of recent cases on the point a 

Insurance news  

Singapore to offer COVID-19 insurance for short-term visitors

AXA XL unveils key appointments globally

Aon exhibits ‘largest of its kind’ insurance policy

Australia – Insurance body files business interruption test case

India: Committee recommends lower entry-level capital for microinsurers

“Big three” Korean insurers looking at Southeast Asia for growth

Beazley launches international cyber & breach response broker portal