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

Australia

APRA announces alignment of supervisory standards within international framework and designation of QBE

ASIC letter to insurers, Lloyd’s coverholders and brokers

UK

FCA proposes additional measures to help insurance customers in financial difficulty
China

CBIRC Issues the Notice on Optimizing the Supervision of Investment Management Capability of Insurance Institutions

Singapore

MAS Monetary Policy Statement – October 2020

Malaysia

Release of the Financial Stability Review 1st Half 2020

India

IRDAI issues guidelines on Standard Individual Term Life Insurance Product 

IRDAI issues Circular on Norms on Renewability, Portability and Migration of Standard COVID specific products


Insurance cases

TKC London Ltd v Allianz Insurance Plc – Queen’s Bench Division (Commercial Court)

15 October 2020 – FCA test case – business interruption insurance; Coronavirus; Striking out; Summary judgments

The plaintiffs had a business interruption policy with Allianz and sought cover in respect of Covid-19 related losses. The policy in question did not contain any of the non-damage ‘extensions’ to the ‘standard’ business interruption as addressed in the recent FCA test case (The Financial Conduct Authority v Arch Insurance (UK) Ltd and others). Allianz’s application to strike out the claim on the basis that it was bound to fail was successful.  

Insurance news  

Etiqa Insurance Singapore names new CEO

Four Philippine insurers in danger of closure

‘Big Four’ Euro reinsurers coping well through COVID; keeping capital adequacy

Zurich enhances insurance proposition

Another senior exec to leave QBE’s international division

Lloyd’s of London to carry out insurance products review

Insurtech Cover Genius raises $10.6m in funding round

FWD Hong Kong floats new flexi-plan product

Allianz Life Malaysia, RHB Trustees partner for legacy planning


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