Insurance regulatory updates

Hong Kong

Chief Executive Officer of the Insurance Authority re-elected as Chairman of the Asian Forum of Insurance Regulators

Singapore

MAS Calls on Local Banks to Moderate FY2020 Dividends

Australia

APRA updates guidance on capital management for banks and insurers

Parliamentary Joint Committee on Corporations and Financial Services Inquiry into litigation funding and the regulation of the class action industry

IAIS

IAIS publishes supervisory recommendations to address remaining challenges of LIBOR transition in the insurance sector

China
 CBIRC and PBC Solicit Public Opinions on the Solvency Regulations of Insurance Companies (for Consultation)

Insurance cases

AXA S.A. v Genworth Financial International Holdings, Llc & Ors [2020] EWHC 2024 (Comm)
English High Court – 27 July 2020 – Reinsurance – Decision on quantum on claim in which liability had already been determined by the High Court in relation to losses arising from the mis-selling of payment protection insurance. The claim was settled seven days prior to the judgment being handed down – see article.


Insurance news

Hong Kong to create hub for insurance-linked securities

ICA to conduct BI test case with regulator

Aon releases its second-quarter results

Swiss Re reveals major loss in 2020 interim results

Swiss Re announces APAC management switch

Lloyd’s reaches out to Asia’s regulators on pandemic risk

People Round-up: Allianz, Arch, Axa XL, Manulife, Swiss Re

Champion set for Axa XL Asia & Europe role as leaders revealed

China: COVID-19 pandemic has cost health insurers at least US$176m to date

Lower rates push Asian life insurers to alter investment mix




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