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

Closure of Insurance Authority office until 26 April

Australia

APRA issues guidance to authorised deposit-taking institutions and insurers on capital management

APRA temporarily suspends the issuing of new licences

Details of changes to ASIC regulatory work and priorities in light of COVID-19

ASIC grants relief to industry to provide affordable and timely financial advice during the COVID-19 pandemic

India

Prudent management of financial resources of insurers in the context of Covic-19 pandemic

China

CBIRC Releases the Notice on Issues Concerning Premium Rate Adjustment of Long-term Medical Insurance Products

China: Regulators cut red tape in Shanghai Free Trade Zone for insurers

Insurance cases

QSuper Board v Australian Financial Complaints Authority Limited [2020] FCAFC 55

Full Federal Court of Australia – 9 April 2020 Australian Financial Complaints Authority (AFCA) – Whether exercising judicial power contrary to Commonwealth Constitution.

QSuper, a superannuation trustee, asserted that AFCA’s determination that its decision not to refund money to member operated unreasonably or unfairly in its operation in relation to that member was an impermissible exercise of judicial power because it was “in effect” a determination of existing rights of the parties in relation to the operation of s 1017B of the Corporations Act. The argument was roundly rejected by the Full Federal Court. AFCA’s determinations were not the exercise of judicial power because:

1. They were not binding on the complainant;
2. They were not directly enforceable (only indirectly by the actions of ASIC, APRA or other body);
3. They were vulnerable to collateral challenge, such as on the basis of unreasonableness or lack of procedural fairness;
4. They did not determine existing legal rights, but created new rights.
5. They were arbitral in nature, not an exercise of sovereign power, as the members of AFCA elected to be bound by its rules.

Insurance articles / news

Singapore life insurance regulator offers six-month grace period for premiums

California Department of Insurance tells insurers to refund premiums

Companies at risk of product liability despite lack of scientific evidence China to ease requirements for foreign insurers to buy domestic firms

Liberty Mutual under further pressure to exit fossil fuels
Prudential Life Korea sold to KB Financial for US$1.9bn

Markel picks ex-QBE exec Bo Yu as head of claims Asia

Prudential benefits from HK regulation over dividends

BI claims expected after HK and Singapore shutdowns

India: Enlarged state owned bank allowed to keep stakes in 2 life insurers

IAG’s CEO to retire by year-end

Prudential Singapore floats new hospitalisation plan