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 releases provisional statistics of the Hong Kong insurance industry for the first three quarters of 2020
Insurance experts discuss how Hong Kong can sustain its role of a risk management centre for the Belt and Road Initiative under evolving macro environment
Closure of Insurance Authority offices to the general public
Insurance Authority extends the validity of temporary facilitative measures to 31 March 2021
Singapore
MAS bans two former insurance agents for dishonest conduct
Malaysia
Bank Negara Malaysia issues Exposure Draft on Perlindungan Tenang which sets out the proposed requirements and guidance in providing microinsurance/microtakaful products
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
1 month to go: FCA reminds firms to be ready for end of transition period
China
CBIRC Issues the Rules on Insurance Agents
Australia
Trustees to improve occupational classification practices in insurance in superannuation
APRA Chair Wayne Byres – Speech to the 2020 Forum of the Risk Management Association
Insurance cases
Prudential Assurance Company Ltd and Rothesay Life Plc, Re [2020] EWCA Civ 1626
English Court of Appeal – 2 December 2020
The Court of Appeal gave guidance on the correct approach to applications to sanction an insurance business transfer scheme under the Financial Services and Markets Act 2000 Pt VII. The first instnace judge had erred in exercising his discretion to refuse to sanction a proposed scheme for the transfer of 370,000 non-profit, in-payment annuity policies from one insurer to another. The question of whether to sanction the proposed scheme was remitted back to the High Court.
MOS Beverages Pty Ltd v Insurance Australia Ltd trading as CGU Insurance [2020] FCA 1716
Federal Court of Australia – 1 December 2020
Insurance – construction of industrial special risks policy – where applicant owned goods insured under policy – whether applicant can claim as a third party beneficiary pursuant to s 48(1) of the Insurance Contracts Act 1984 (Cth) – whether applicant specified or referred to in the contract – interpretation of “interests of other parties” clause – whether applicant noted in the records of the insured
Chubb Insurance Australia Ltd v Giabal Pty Ltd; Catlin Australia Pty Ltd v Giabal Pty Ltd [2020] NSWCA 309
Court of Appeal – Supreme Court of NSW – 30 November 2020Application for leave to appeal – interlocutory decision joining insurers – whether insurers’ entitlement to disclaim liability “beyond argument” – no determination of insurers’ liability – inutility of interlocutory appeal – leave refused
Insurance news
Sedgwick appoints new CEO for Singapore
Industry veterans launch reinsurance firm with $1.33 billion in capital
Allianz swoops on Westpac’s P&C arm in US$535m deal
AIA HK & Macau CEO Peter Crewe to leave
Hong Kong enters ‘new era’ as Belt & Road risk hub
UK – Home insurance premiums fall 0.9% since April 2020
Feeble premiums growth cap Chinese insurers’ valuations
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.