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
Insurance Authority releases provisional statistics of Hong Kong insurance industry in 2020
Continuing Professional Development (“CPD”) Requirements – CPD Compliance Reporting Procedures for Assessment Periods 2019/20 and 2020/21
Insurance Authority releases provisional statistics of Hong Kong insurance industry in 2020
Singapore
MAS Makes Senior Management Changes
Reply to Parliamentary Question on wholesale insurance for banks and credit card issuers to permit easier write-offs for smaller transaction amounts
Reply to Parliamentary Question on Statistics on Insurance Agents
India
IRDAI Consolidated Regulations
Exposure Draft on IRDAI (General Insurance Products) Regulations 2021
Draft Guidelines on Trade Credit Insurance
Issuance of electronic policies
Extension of timelines for sale and renewal of short term Covid specific health insurance policies
Communications on basic health insurance policies to the policyholders
CBIRC Consumer Protection Bureau Releases Report on Insurance Consumer Complaints in 2020 Q4
UK
FCA: Why diversity and inclusion are regulatory issues
Australia
APRA provides guidance for regulated industries on indemnities in divestment transactions
APRA releases draft reporting standards for data collection in National Claims and Policies Database
APRA urges life insurers and superannuation funds to address sustainability of insurance in superannuation
APRA releases finalised reporting standard for ARS 115.0 Capital Adequacy
APRA releases general insurance statistics for December 2020
APRA releases life insurance statistics for December 2020
ASIC commences proceedings against Westpac for alleged misleading and unfair sales of consumer credit insurance
APRA takes action against Macquarie Bank over multiple breaches of prudential and reporting standards
APRA releases consultation to enhance oversight of life reinsurance market
ASIC warns time is fast running out for insurance claims handling AFS licence applications
Insurance cases
Quintis Ltd (Subject to Deed of Company Arrangement) v Certain Underwriters at Lloyd’s London Subscribing to Policy Number B0507N16FA15350 (No 2) [2021] FCA 327
Federal Court of Australia – 6 April 2021
Equity – rectification – policies of insurance – policies represent bundle of contracts between insured and insurer – consideration of intention of ten insurers – where common intention found between insured and some insurers – form of relief – whether relief can be calibrated to give effect to common intention found – whether relief impermissibly transforms bargain struck – consideration of rationale of rectification and limits on equity’s intervention – exact form of words in which common intention framed immaterial as long as in substance parties’ intention can be ascertained – consideration of contractual structure – common intention as to bilateral rights and obligations of insured and each insurer – equity available – simply bringing policies to a form consistent with common intention of parties – relief granted.
Insurance news
Aon puts forward two scenarios for board ahead of mega merger
Chubb, DBS to provide free cover for COVID-19 vaccination
Peak Re exec to retire; new hires revealed
Steinhoff’s insurers agree to pay $125 million
AXA confirms series of senior leadership changes
Sun Life hands Clement Lam Hong Kong CEO role AIA acquisition of BEA Life a sign of things to come
Group-wide supervision to improve HK insurers’ capital adequacy – FitchHong Kong’s health insurers see profit surge
Aegon sale hit by block
Guy Carpenter launches APAC capital advisory unit
Manulife HK signs blockbuster office lease deal
AIA launches new investment arm in Singapore
Standard Club opens Tokyo claims office
Online insurance platform Policybazaar planning $500m IPO
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.