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

Insurance Authority signs Memorandums of Understanding on Fintech Co-operation with the China Banking and Insurance Regulatory Commission and the Monetary Authority of Macao

Insurance professionals discuss Hong Kong’s role in supporting the national strategy of dual circulation through captives and reinsurance

Annual Meeting of the Asian Forum of Insurance Regulators

Presentation by Mr Clement Cheung, Chief Executive Officer, at the 6th China-ASEAN Summit Forum on Insurance Cooperation and Development

Insurance Authority extends the validity of temporary facilitative measures to 31 March 2022

Exciting business opportunities ahead for the insurance sector in Hong Kong

Joint Inspection by the Insurance Authority and the Hong Kong Monetary Authority on use of premium financing to take out long term insurance policies in Hong Kong

Insurance Authority releases the Hong Kong insurance business statistics for 2020

Insurance Authority welcomes the inaugural issuance of insurance-linked securities in Hong Kong

Insurance Authority welcomes the Policy Address to add impetus to the economy

Latest edition of Conduct In Focus examines issues arising on “orphan policies”

Note on the Treatment of “Closely Linked” Entities that are Members of the Supervised Groups under the Group-wide Supervision Regime

Explanatory Note on “Regulated Activity” under the Insurance Ordinance (Cap. 41)

UK

Charles Randell to step down as FCA and PSR Chair in Spring 2022

China

CBIRC Issues the Notice on Matters Related to Domestic Insurance Companies Issuing Catastrophic Bonds in Hong Kong Market

CBIRC Issues the Rules on Market Entry of Branches of Insurance Companies

Australia

ASIC launches Federal Court action and calls on general insurers to review pricing practices

Allianz Australia Insurance and AWP Australia ordered to pay penalties of $1.5 million for misleading sale of travel insurance on Expedia websites

ASIC publishes guidance on breach reporting

APRA and ASIC publish latest data on life insurance claims and disputes

APRA releases update on standard and guidance on insurance in superannuation

APRA publishes new FAQs on capital treatment of overseas deposit-taking and insurance subsidiaries

Insurance cases

Swiss Re International Se v LCA Marrickville Pty Limited (Second COVID-19 insurance test cases) [2021] FCA 1206 (8 October 2021)

Business interruption – COVID-19 – test cases – pandemic cover – hybrid clause – prevention of access clause – disease clause – catastrophe clause – competent government or statutory authority – outbreak – occurrence – discovery of an organism – at the premises – within a specified radius of the premises – by order of authority – competent authority – as a result of order of an authority – order – insured peril – causation – proximate cause – uninsured peril – same underlying cause or fortuity – interruption or interference – loss – adjustments – trends in the business – third party payment – indemnity for loss – reduction of loss – interest – utmost good faith.

MCMURRAY -v- AIG INSURANCE AUSTRALIA LTD [No 5] [2021] WASC 300 (2 September 2021)

Construction – Contract of home insurance – Exclusion clause – Principles considered – Contract work – Whether renovation works excluded – Whether exclusion enlivened in circumstances where fire destroyed house as renovated

AAI Limited trading as Vero Insurance v Technology Swiss Pty Ltd [2021] FCAFC 168 (17 September 2021)

Subrogation and recoupment – whether and to what extent insurer entitled to recoup from proceeds of third party claim – where insurer paid global sum to insured in settlement of claim on policy of indemnity – whether terms of settlement deed revealed mutual intention that part or all of sum was in respect of loss for which insured claimed on the indemnity

Insurance news  

Lockton reveals crisis management division

Global insurer Chubb acquires Cigna’s APAC business for $5.75b

Beijing to step up regulation of finance, technology sectors

Hong Kong’s Avo secures HK$260m in fresh funding

Bowtie raises US$22 million from Mitsui, Sun Life

Marsh McLennan founds Cyber Risk Analytics Center

Singapore insurtech firm Surer raises US$1 million in seed round

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