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
Interpretation Notes relating to the Guideline on Continuing Professional Development for Licensed Insurance Intermediaries (GL24)
China Banking and Insurance Regulatory Commission further extends preferential treatment for the Hong Kong insurance industry
UK
FCA response to Provident’s scheme being approved by the High Court
Third consultation on new prudential regime for UK investment firms
China
CBIRC Extends the Applicable Period of Reinsurance Credit Risk Factors during the Transition Period of Equivalence Assessment Framework Agreement on Solvency Regime for HK Reinsurance Counterparties
CBIRC Issues the Newly Revised Regulations on Reinsurance Business
CBIRC Releases Supervisory Statistics of the Banking and Insurance Sectors for 2021 Q2
Australia
Stress testing insurers during COVID-19: results and key learnings
APRA releases response to submissions and final Prudential Standard APS 111 Capital Adequacy: Measurement of Capital
APRA releases quarterly private health insurance statistics for June 2021
APRA increases transparency around the publication of life and general insurance data
APRA releases its national claims and policies database statistics for December 2020
Insurance cases
Star Entertainment Group Limited v Chubb Insurance Australia Ltd [2021] FCA 907
Federal Court of Australia – 5 August 2021
Covid-19 – insurance – construction of policy – where applicants own and operate various casinos and associated businesses – where applicants allege that government directions in connection with COVID-19 caused significant interruption to their businesses – where applicants covered by an industrial special risks insurance policy – the policy in question provides coverage for physical loss, damage, or destruction – where the COVID-19 pandemic is not an insured peril under the policy.
Insurance news
Tokio Marine Group issues apology after unit hit by cyber breach
Miller appoints Asia strategic development head from WTW
Lloyd’s open to more coverholders in Asia
Willis Re sale contains two-year non-solicitation agreement
Malaysia: Non-life association highlights need for continuous learning for insurance leaders
Making insurance products more relevant: Hong Kong: A balance of complexity and flexibility
Sedgwick names director of business development for Asia
Swiss Re makes several moves at the top
Willis Towers Watson selects chief executive’s successor
Allianz unit rocked with fine
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.