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 office to reopen to the public on 4 May

Australia

ASIC letters to general and life insurers in the current COVID-19 environment

ASIC supports increased transparency in capital raisings

UK

FCA seeks legal clarity on business interruption insurance alongside package of measures to help consumers and small businesses

China

CBIRC Solicits Public Opinions on the Rules on Real-Name Registration of Individual Insurance (for Consultation)

India

Prudent management of financial resources of insurers in the context of Covid-19 pandemic

Report of the Working Group (WG) to revisit the IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance business) Regulations, 2015

New Business Statement of Life Insurers for the Period ended ended 31st March, 2020 

Insurance cases

UK Acorn Finance Ltd v Markel (UK) Ltd [2020] EWHC 922 (Comm) 

English High Court – 21 April 2020

Insurance contracts – Avoidance; Implied terms; Indemnities; Misrepresentation; Valuation – A valuer’s professional indemnity policy contained an “Unintentional Non-Disclosure” clause that waived the right of the insurer to avoid the policy if the insured was “able to establish to Our satisfaction that such non-disclosure or misrepresentation was innocent and free from any fraudulent conduct or intent to deceive“.

In rejecting the insurer’s avoidance, the court confirmed that Breganza v BP Shipping Ltd [2015] UKSC 17 applies to insurance contracts: where a party to a contract has the power (stated in unqualified terms) to make a decision that affects the rights of both parties, the courts will usually imply a term into the contract that such power will not be exercised in an arbitrary, capricious or irrational manner.


Insurance articles / news

ICA seeks reform delay from “immense disruption”

Aon expects new CAT bonds to be issued in Q2 2020

Australia’s PSC expands in Asia with two HK deals

Zurich’s Hui appointed chairman of the HKFI

Willis Towers Watson makes key Singapore and South Asia appointments

COVID-19 deals blow to Hong Kong life insurance market in 2020

The complexities of risk modelling a pandemic

China: Insurance platform explores “insurance + public welfare” operating model

Australia: Claims handling report shows group life insurance provides better results

Singapore: Upstream energy insurance capacity pared

AXA Hong Kong releases first policy with dementia benefit

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