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
Applications for New Licences by Deemed Licensees
Prescribed Scenarios for Long Term Insurance Business in relation to GL21
Attachment: Prescribed Scenarios for the stress and scenario testing to be used by authorized insurers carrying on long term insurance business for the purpose of Own Risk Solvency Assessment Report
Malaysia
Appointment of Two External Members to Bank Negara Malaysia’s Monetary Policy Committee
Singapore
MAS Appoints New Deputy Managing Director
Reply to Parliamentary Question on surrendered life insurance policies and regulation of sale of life insurance policies in secondary market
Reply to Parliamentary Question on health and life insurance for persons with disabilities
India
Communication on settlement of health insurance claims against General Insurance Council’s instructions dated 20 June 2020 on “Reference Rates for Covid-19”
Exposure Draft on IRDAI (Regulatory Sandbox) (Amendments) Regulations 2021
Constitution of the Health Insurance Advisory Committee
UK
FCA publishes Defined Benefit Advice Assessment Tool
Supreme Court judgment in FCA’s business interruption insurance test case
MoUs with European authorities in the areas of securities, investment services and asset management, insurance and pensions, and banking
Australia
Application for relief – Insurance Council of Australia
Insurance cases
Financial Conduct Authority v Arch Insurance (UK) Ltd [2021] UKSC 1
Supreme Court – 15 January 2021
FCA business interruption test case – The Supreme Court confirmed the correct interpretation of a variety of different standard business interruption insurance policy wordings in order to clarify whether they provided cover in principle for COVID-19 related losses.
Insurance news
Revealed: Landmark ruling in business interruption insurance case
AXA Singapore launches new prenatal plan
Singapore’s Great Eastern rolls out S$1m vaccine fund
Chubb’s Doug White retakes role as HK, Macau president
Aon/WTW: Spotlight falls on APAC antitrust regulators
Howden launches Australian brokerage in partnership
FWD Hong Kong floats instant claims service
Indians embrace digital purchase of insurance
Collin Yap appointed CEO of Marsh Singapore
Allianz sets climate goals for investments
Willis Towers Watson extends global P&C hub to Shanghai
Insurers lead charge as Chinese stocks boom
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.