This 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.
Singapore
MAS commits $42m to spur adoption of technology solutions for risk management and regulatory compliance
Hong Kong
Details of the Pilot Insurance‑linked Securities Grant Scheme announced by the Insurance Authority
India
IRDAI publishes norms on settlement of Covid-19 health insurance claims
UK
FCA publishes letter of concerns in relation to Provident’s proposed scheme of arrangement
Alsford Page & Gems Limited censured and agrees to pay extended warranty insurance customers £399,902
Speech by FCA Executive Director of Enforcement and Market Oversight on Compliance, Culture and Evolving Regulatory Expectations
Australia
APRA consults on guidance in support of prudential standard on remuneration
APRA and ASIC publish latest data on life insurance claims and disputes
ASIC sets expectations of life and general insurers following a review of insurers’ responses to consumers experiencing financial hardship during the COVID-19 pandemic
Insurance cases
Zurich Insurance PLC v Niramax Group Ltd [2021] EWCA Civ 590
English Court of Appeal – 23 April 2021
Non-disclosure of material facts – inducement – “effective cause” test preferred to “but for” test – appeal dismissed
Insurance news
Aon discloses Q1 2021 financial results
Tugu Insurance Hong Kong appoints new CEO
Canopius bolsters APAC team with two Singapore hires
Insurtech investment reaches new high
Cigna names Jonathan Spiers as Hong Kong CEO and country managerChubb pulls the plug on pursuit of major P&C rival
Hong Kong broker Convoy to be delisted
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.