This is our 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 bans former insurance agent for five years for mishandling and misappropriating premium
Insurance Authority signs Memorandum of Understanding with Independent Commission Against Corruption to strengthen cooperation to combat corruption
The Asian Forum of Insurance Regulators discusses ways to cope with emerging risks
Insurance Authority rolls out Open API Framework and launches the Central Register with Hong Kong Science and Technology Parks Corporation to facilitate Insurtech development
Insurance specialists explore Hong Kong’s role in offering professional risk management services in support of Belt and Road development
Enforcement collaboration between IA and HKMA – Insurance Authority bans Chan Ka Hey for six months for fabrication of a client’s direct debit authorization form for premium payment
Insurance Authority welcomes the reappointment of Chief Executive Officer
Revision to the Interpretation Note relating to the Guideline on Continuing Professional Development for Licensed Insurance Intermediaries (GL24)
New Roadmap to Promote Fintech Adoption in Financial Services Sector
Singapore
“Transition, Technology and Talent to Accelerate the Value of Insurance” – Keynote Address by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of the Monetary Authority of Singapore, at the 2023 Global Insurance Forum on 7 November 2023
MAS Publishes Inaugural List of Domestic Systemically Important Insurers in Singapore
Financial Planning for Singaporeans Enhanced with Insurance Data on SGFinDex
MAS Partners Industry to Develop Generative AI Risk Framework for the Financial Sector
UK
FCA calls on insurers to take action as it publishes latest fair value data
FCA confirms leasehold buildings insurance reforms
FCA joins forces with global regulators to foster digital innovation with Project Guardian
Open markets and common causes: International collaboration and the modernisation of financial services regulation in the UK
Australia
ASIC signs MMoU with the International Association of Insurance Supervisors
‘The Princess and the Pea’: Getting the basics right in insurance : Speech by ASIC Deputy Chair Karen Chester at the Insurance Council of Australia (ICA) Annual Conference, 12 October 2023.
ASIC bans former insurance adviser for three years
APRA and ASIC commence joint administration of the new Financial Accountability Regime
ASIC alleges IAG misled home insurance customers on pricing discounts
ASIC review finds insurers can and should improve claims handling
Insurance cases
WSP Structures Pty Ltd v Liberty Mutual Insurance Company t/as Liberty Specialty Markets [2023] FCA 1157
Federal Court of Australia – 28 September 2023
INSURANCE – application for declarations and indemnity payments against insurers – where proper construction of insurance contract in issue – where second and third respondents provided excess layers of cover on the same terms as the first respondent’s policy – where second and third respondents contend applicant is not an insured – where design and construct contract entered into by named insured – where applicant claims to be covered as a subcontractor included in definition of insured – held applicant was an insured
INSURANCE – claim that applicant had been granted indemnity by its professional indemnity insurers – whether loss had been met by professional indemnity insurers thereby giving rise to a defence to applicant’s claim to indemnity by second and third respondents – held no indemnity provided by professional indemnity insurers
INSURANCE – where second and third respondents claim applicant’s parent company the proper party to bring claim – where applicant’s liability to make payment has been discharged by parent company- where applicant legally liable to make payment covered by the indemnity – held applicant’s parent company was not the proper applicant for a claim under the policy
INSURANCE – where respondents claim that applicant has not suffered loss as payment has been made by applicant’s parent company – consideration of indemnity principle – where payments not made in circumstances that give rise to application of indemnity principle – held applicant entitled to claim indemnity from insurers
CHUBB LIFE INSURANCE COMPANY LTD (FORMERLY KNOWN AS ACE LIFE INSURANCE COMPANY LTD) V. CHAN CHRISTY [2023] HKDC 1113
District Court of HK – 16 August 2023
Succesful clawback of remunerations paid to insurance agent after termination of relationship,between agent and insurance company, but before expiry of the time set for liberation from the agent’s repayment obligation.
Pinnacle Living & Anor v QBE Insurance [2023] VSC 621
Supreme Court of Victoria – 20 October 2023
CONTRACT – POLICY OF INSURANCE – Whether accord and satisfaction or accord executory – Whether binding contract or whether settlement arose in course of insurer’s business – Consideration moving from promisee – Unilateral contract.
Insurance articles and news
FSA lays down punishment for Bigmotor following insurance claims scandal
KB Insurance completes US$100m loss portfolio transfer deal with Swiss Re
MAS clarifies insurer guidelines for fair practices towards PWDs
The future of Asian insurance – what’s in store for the sector?
China – Regulator issues guidelines on preventing crime in insurance industry
The “new normal” for Asia’s cybersecurity
Zurich enters Indian general insurance with majority stake acquisition
Is cyber at risk of becoming uninsurable?
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia