Insurance regulatory updates

Hong Kong  

Insurance Authority hosts forum to discuss risk transfer and project finance for Belt and Road projects

Individual Licence Application Form for use under the new regulatory regime for insurance intermediaries is available on the Insurance Authority’s website

Australia

ASIC extends relief for foreign financial services providers

China

CBIRC has held a meeting of the solvency supervisory committee, which included analyzing the solvency and risk status of the insurance sector in the second quarter of 2019, reviewing the comprehensive risk rating results of insurance companies and regulatory measures taken on some companies, and setting out the work plan of next phase concerning solvency regulation and risk control.

Insurance cases

MetLife Insurance Limited v MX [2019] NSWCA 228 – 16 September 2019 – NSW Court of Appeal upheld a first instance judgment that MetLife was in breach of its implied duty to act reasonably in forming an opinion that a claimant under a trauma policy was not totally and permanently disabled.

Asirifi-Otchere v Swann Insurance (Aust) Pty Ltd [2019] FCA 1500 – 13 September 2019 – The Federal Court granted an application for common fund order in a case concerning the sale, in alleged contravention of various laws, of “add on insurance products” said to be of little or no financial value. The common fund order that was proposed was for all group members to bear equally the reasonable costs of the proceeding and a funding commission for the funder to be determined by the Court at a future date, but not to exceed 25% of any total recovery.

Insurance articles / news

Sinosure ups cover as US China trade conflict intensifies

HSBC Life Singapore makes three senior appointments

Consultancy points to global insurtech fundraising in 2019 reaching US$6 billion

Indian banks’ stakes in insurers to be capped: report

Insurance adoption to rise in China, India: Hannover Re

RFIB granted Hong Kong authorisation

Asia-Pacific will be responsible for 42% of global insurance premiums by 2029

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