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
Insurance Authority – Conduct Supervision and the new year ahead
Singapore
MAS revises the Code of Corporate Governance to reflect independent director tenure limit and mandatory renumeration disclosure for directors and CEOs
UK
FCA highlights areas of focus for firms implementing the Consumer Duty
Financial watchdog consults about protections for insurance customers in financial difficulty
China
CBIRC Issues the Rules on Regulatory Statistics of Banking and Insurance Sectors
Australia
APRA releases policy and supervision priorities for 2023
Insurance cases
Allianz Australia Insurance Limited v Delor Vue Apartments CTS 39788 [2022] HCA 38
High Court of Australia – 14 December 2022
Insurance – Insurance contracts – Indemnity – Election – Estoppel – Waiver – Duty of utmost good faith – Where s 28(3) of Insurance Contracts Act 1984 (Cth) enables insurer to reduce liability in respect of claim where, relevantly, insured breached duty of disclosure – Where insured notified claim under insurance policy following cyclone damage – Where insurer agreed to indemnify despite non-disclosure of prior defects – Where insurer took steps consistent with providing indemnity – Where insurer emailed insured stating, despite non-disclosure, claim would be honoured – Where insurer subsequently sought to disclaim liability on basis of non-disclosure – Where majority of Full Court of Federal Court of Australia dismissed appeal, holding insurer had elected not to raise defence under s 28(3) – Whether insurer elected not to raise defence under s 28(3) – Whether, if doctrine of election did not apply, insurer waived entitlement to raise defence under s 28(3) – Whether insurer estopped from raising defence under s 28(3) – Whether insured suffered detriment – Whether insurer breached duty of utmost good faith and, if so, whether insured suffered loss justifying relief.
Insurance articles and news
Introducing a UK Insurer Resolution Regime
Oneglobal Broking appoints reinsurance head for Singapore
Australian Policyholder Insurance Highlights 2022
FWD announces new Singapore CEO
Court of Appeal considers presumption of proximate cause in exclusion
HSBC Singapore completes legal integration of AXA
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.