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
Latest edition of Conduct In Focus published by the Insurance Authority
Remote Invigilation Mode Examination (“RIME”) for the Insurance Intermediaries Qualifying Examination (“IIQE”) and Insurance Qualification specified by the Insurance Authority (“IA”) under GL23
Singapore
Reply to Parliamentary Questions on implication of $7.4 billion loss reported by Monetary Authority of Singapore
India
Exposure draft – Insurance Regulatory and Development Authority of India (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2022
IRDAI issues Exposure Draft on Regulatory Sandbox Regulations Amendment 2022
UK
FCA confirms new rules to improve oversight of Appointed Representatives
China
CBIRC Releases the Rules on Insurance Asset Management Companies
CBIRC Solicits Public Opinions on the Rules on Information Disclosure of Life Insurance Products (for Consultation)
Supervisory Statistics of the Banking and Insurance Sectors – 2022 Q2
Australia
ASIC clarifies the treatment of incidental retail cover as part of business insurance contracts
APRA finalises amendments to general insurance reporting framework
APRA releases final reporting standards on updated capital framework for banks
ASIC secures over $102 million in remediation for Freedom Insurance customers, with more to come
Looking ahead: ASIC’s priorities
Insurance cases
Allianz Australia Insurance Limited v Delor Vue Apartments CTS 39788 [2022] HCATrans 126 (10 August 2022)
High Court transcript of case heard on the issues of:
– whether the doctrine of election can prevent an insurer from changing positions in relation to the application of section 28(3) of the Insurance Contracts Act to a claim, as distinct from the orthodox view that the doctrine of election applies to a choice between mutually inconsistent rights.
– whether section 28(3) of the Act gives rise to a choice between mutually inconsistent rights, the choice of one resulting in the extinction of the other. The primary judge and all members of the Full Court held that section 28(3) does not give rise to a choice between a mutually inconsistent right.
Insurance articles and news
IRDAI proposes 20% cap on insurance agents’ commissions
Revealed – what’s challenging the global commercial insurance sector?
Underwriting performance strong among global reinsurers – report
Hong Kong: WTW appoints new leader
Hong Kong: Insurance market sees significant entry and exit activity
$234 billion at risk from poor claims experiences – report
Bupa names two more to lead Hong Kong team
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.