Insurance regulatory updates

ASIC is investigating the progress of transition away from grandfathered conflicted remuneration arrangements for financial advisers.

India

Insurance Regulatory and Development Authority of India (IRDAI) has created a Regulatory Sandbox whose objective is to use innovative ideas in the insurance sector to foster growth and flexibility in regulatory requirements at the same time as focussing on policyholder protection. 

IRDAI issues Re-insurance Advisory Committee Regulations relating to the operation and administration of the Committee. 

Philippines

The Anti-Money Laundering Council (AMLC) has released a reminder for Covered Persons to require the presentation of the Certificate of Registration (COR) with the AMLC for Designated Non-Financial Businesses and Professions as part of customer due diligence measures.

Malaysia

Bank Negara Malaysia has announced further liberalisation of the foreign exchange administration (FEA) policy aimed at providing greater flexibility and efficiency for businesses to better manage their foreign exchange (FX) risk and conduct their daily operations.

Australia

ASIC has released a consultation paper Product intervention: OTC binary options and CFDs (CP 322) on proposals to use its product intervention power to address significant detriment to retail clients resulting from over-the-counter (OTC) binary options and CFDs.
 

Insurance cases

Prudential Assurance Co Ltd, Re [2019] EWHC 2245 (Ch)

The English High Court refused to sanction the transfer of a £12 billion annuities portfolio from one insurer to another under the Financial Services and Markets Act 2000 Pt VII. The court took into account the special nature of annuity policies, the fact that annuitants had selected their annuity provider on the basis of characteristics not shared by the proposed transferee and the fact that the provider, as part of a substantial group, was likely to enjoy parent company support which would not be available to the proposed transferee.

Insurance articles / news

D&O Liability – Three Emerging Areas to Watch

EY recommends merger of Indian state-owned insurers

Singapore insurtech Axinan gains Labuan licence

Closer ties between China’s banks and insurers open up risk – S&P

HSBC weighs offer for Aviva’s Asian operations

Vietnam: Insurance market eyes 20% growth this year

Singapore Life targets five markets in South East Asia