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 to provide limited public services starting from 3 February
Singapore
MAS announces Payment Services Act Comes Into Force
Australia
AMP to pay $5.175 million penalty for failing to prevent insurance churn by its financial planners
APRA sets out policy and supervision priorities for 2020
APRA publishes submission on Fintech and Regtech
New insurance cases
Hotel Portfolio II UK Ltd v Ruhan [2020] 1 WLUK 232 (WestLaw paywall link – not currently available on www.bailii.org)
English High Court – Queen’s Bench Division (Commercial Court) – 28 January 2020
After the event insurance (ATE) – security for costs. A company in liquidation was required to give security for the defendants’ costs since there was reason to believe that it would be unable to pay those costs if ordered to do so, within CPR r.25.13(2)(c). The court noted that the ATE policy was something to take into account. However, the ATE policy in the instant case was not adequate protection for the defendants as it did not contain any anti-avoidance provisions and also made clear that the insurer had relied on the information disclosed by the insured in the proposal form, which had not been disclosed. In the circumstances, avoidance was not a fanciful risk. The policy also contained numerous exclusions of liability and grounds for cancellation.
Australian Securities & Investments Commission v AMP Financial Planning Pty Ltd (No 2) [2020] FCA 69
Federal Court of Australia – 5 February 2020
The Federal Court has ordered AMP to pay a $5.175 million penalty after the court found AMP failed to take reasonable steps to ensure its financial planners complied with the best interests duty and related obligations under the Corporations Act.
Insurance articles / news
Indonesia relaxes foreign ownership rules for insurers
Epidemic insurance exclusions to hit global firms’ finances
India’s National Insurance to discuss three-company merger
India allocates nearly $1 billion to recapitalize insurers
Prudential Singapore appoints Dennis Tan as CEO
Marsh: Organisations need to be ‘proactive’ as coronavirus risk spreads
Allianz Malaysia to provide cover for solar energy projects
IAG creates strategy and innovation arm
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.