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

Launch of iAM Smart

Consultation conclusions on the Insurance (Group Capital) Rules

Cross-Agency Steering Group launches its strategic plan to strengthen Hong Kong’s financial ecosystem to support a greener and more sustainable future

Insurance Authority publishes its Annual Report 2019-20

Remote Invigilation Mode Examination (RIME) of the Insurance Intermediaries Qualifying Examination (IIQE)

Common Compliance Issues Arising in the First Year of the Direct Regulatory Regime for Licensed Insurance Agents and Issues Relating to Authorized Insurers

Common Compliance Issues Arising in the First Year of the Direct Regulatory Regime for Licensed Insurance Agencies

Common Compliance Issues Arising in the First Year of the Direct Regulatory Regime for Licensed Broker Companies

Singapore

MAS and CSRC Enhance Cooperation at the 5th Bilateral Roundtable

India

IRDAI provides information to the public on revision of Health Insurance Premiums

IRDAI releases Guidelines for all General Insurance Companies for submission of reports

IRDAI releases Guidelines for practical training for surveyors and loss assessors

IRDAI releases Guidelines for grant of fresh licence/renewal of licence to act as insurance surveyor and loss assessor

UK

Regulatory change for firms as Brexit transition period ends

China

CBIRC Issues the Notice on Relevant Matters Concerning Independent Individual Insurance Agents

CBIRC Issues the Rules on Liability Insurance Business

CBIRC Issues the Rules on Internet Insurance Business

Australia

APRA and ASIC publish annual update on joint engagement

ASIC letter to insurers about natural disasters


Insurance cases

FWD Life Insurance Co (Bermuda) Ltd [2020] HKCFI 3049
Hong Kong Court of First Instance – 14 December 2020

Insurance; transfer of business; transfer of Class G (retirement scheme management category I) long-term business carried on by one insurance company to another; sanction by court under s.24; whether relevant statutory requirements satisfied; Insurance Ordinance (Cap.41) s.24

Arag Plc v Leighton Jones  [2020] EWHC 3484 (Comm)
Queen’s Bench Division (Commercial Court) – 18 December 2020

After the event insurance; Contribution; Costs orders; Insurance policies; Insured persons; Joint and several liability; Judgment debts; Limitations; Policyholders; Subrogation

Insurance news  

Australian consumer watchdog backs ban on conflicted remuneration for insurance brokers

ZA Tech, OVO to float new insurtech unit in Indonesia

2020 people move round-up

5G rollout to lead to new cyber risks – report

QBE forecasts SG$1.99 billion net loss in 2020

CBIRC seeks comment on FDI revisions

Marsh names new affinity head for international division

Aon-WTW combination to undergo full European Commission scrutiny – report



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