Each week we set out a list 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
Singapore
IMF Reaffirms Singapore’s financial sector oversight as “among the best globally”
Philippines
Insurance Commission issues Guidelines on underwriting HIV for HMOs
Australia
APRA to create insurance division after scathing review
ASIC proposes to ban unsolicited marketing telephone calls for life insurance and consumer credit insurance
UK
FCA proposes new rules to help consumers with pre-existing medical conditions access suitable travel insurance
ICO has issued a notice of its intention to fine Marriott International £99,200,396 and British Airways £183.39m for infringements of the General Data Protection Regulation (GDPR).
International Association of Insurance Supervisors (IAIS)
The IAIS releases its sixth edition of the Global Insurance Market Report (GIMAR) discussing (re)insurance market developments as well as several topics of interest.
Insurance cases
COMPLAINANT 201823 v INSURANCE AUSTRALIA GROUP LTD TRADING AS NRMA (Discrimination) [2019] ACAT 64 (10 July 2019) – The
insurer refused to provide public liability insurance on the basis of a
criminal conviction, based upon its internal “moral guidelines”. The
tribunal held that the conviction was irrelevant: there was no
demonstrable actuarial data or research to support the insurance
company’s contention that the insurance was refused on the basis of an
unacceptable risk to the insurance company.
Insurance articles / news
Singapore High Court hears lawsuit on Prudential agent exodus
Zurich General Insurance Malaysia names new CEO
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.