This is your 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
IA takes its first disciplinary actions against two broker companies for regulatory breaches
Extension of Phase 2 of the temporary facilitative measures to tackle the outbreak of COVID-19
Singapore
Changes to MAS Board of Directors
Australia
APRA releases general insurance statistics for March 2021
APRA releases life insurance statistics for March 2021
Insurance cases
Casey v AIG Australia Limited [2021] FCA 553
Federal Court of Australia – 24 May 2021
Management liability policy – allocation – applicants sued by company and its liquidators in proceedings in Supreme Court of New South Wales for breach of fiduciary duties and breach of duty of care – policy included obligation to advance defence costs – respondent accepted obligation to pay defence costs incurred by applicants in defending allegations of breach of duty of care – respondents paid 70 per cent of defence costs pursuant to allocation clause – whether respondent liable under policy to pay costs incurred in defending alleged breach of fiduciary duties – respondent liable to pay the whole of the costs of the defence until further order – allocation clause not engaged
JML-CRAFT PTY LTD v. CHINA PING AN INSURANCE (HONG KONG) CO LTD AND ANOTHER [2021] HKCFI 1468; HCCT 27/2021
Hong Kong Court of First Instance – 24 May 2021
Advance Payment Bond – action to restrain demand under bond pending disposal of action – exceptions to treatment of on-demand bonds as independent of underlying transactions – implied agreement exception not made out – injunction refused
Insurance news
Chubb makes trio of leadership changes in APACLloyd’s inks deal to create “world’s most advanced” digital insurance marketplace
Asian insurers must harness post-pandemic wave of innovation
Peak Re to keep Asia focus amid global expansion
Asia’s uneven risk landscape detrimental to region’s recovery – study
India releases final rules on higher FDI for insurers
Australia’s ICA posts review on commercial insurance
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.