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

Premium levy rate to be adjusted to 0.085% on 1 April 2020

FSDC makes sweeping tax reform recommendations to enhance competitiveness of HK insurance industry

Singapore

Comments by MAS on Covid-19 (Temporary Measures) Bill

Financial Services Remain Open and Available

Australia

APRA postpones implementation of reporting standard on private health insurance reforms data collection

COVID-19 information for financial advisers and advice licensees

ASIC COVID-19 regulatory efforts

India

Additional time allowed for filing of Regulatory Returns

UK

Joint FCA and PRA statement Senior Managers and Certification Regime (SM&CR) and coronavirus (Covid-19): our expectations of dual-regulated firms

Senior Managers and Certification Regime (SM&CR) and coronavirus (Covid-19): our expectations of solo-regulated firms

China

CBIRC Releases the Implementation Rules on Administrative Licensing of Non-bank Financial Institutions

Insurance cases

Aspen Underwriting Ltd v Credit Europe Bank NV  [2020] UKSC 11
UK Supreme Court – 1 April 2020

Bank assignee and loss payee under insurance policy – extent to which bound by exclusive jurisdiction clause in policy – An assignee under an insurance policy would be bound by an exclusive jurisdiction clause if it sued the insurers under the policy. However, in this case the bank had not asserted any right against insurer and had received insurance proceeds only by reason of a settlement agreement between the insurer and insured, to which it was not a party. Accordingly, it was not subject to the jurisdiction clause in further proceedings to determine its entitlement to retain those proceeds. This was the case notwithstanding that the bank had provided a letter of authority to the insureds (that was attached to the settlement agreement) to enable the insurer to obtain a discharge of its obligations and the bank its entitlement to the proceeds.

Insurance articles / news

Indemnification on the Reinstatement Basis: Endurance Corporate Capital Limited v Sartex Quilts & Textiles Limited [2020] EWCA Civ 308

Hong Kong: High-level panel proposes tax measures to enhance insurance industry

Specialty insurance sector could face a large coronavirus hit

Prudential and CITIC Group establish joint venture

Australia: Aon signs a 3-year partnership with The Tax Institute

China Re proceeds with global expansion, eyes US opening

India: Regulator bars insurers from capital gearing treaties

Lloyd’s fine tunes digital strategy

More change for Asia’s re market as Sirius goes up for sale

Taiwan: Regulator directs financial group to complete 100% buyout of insurer

Hong Kong life insurers face uphill battle as pressures persist

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