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 welcomes Pilot Insurance-linked Securities Grant Scheme
Insurance Authority extends the validity of temporary facilitative measures to 30 June 2021
UK
FCA responds to High Court decision to stay proceedings in enforcement case
The Financial Conduct Authority (FCA) makes senior appointments to drive its transformation
FCA launches guidance for firms on the fair treatment of vulnerable customers
India
Prudent management of financial resources of insurers in the context of Covid-19 pandemic
Guidelines on Standard Personal Accident Insurance Product
China
CBIRC Issues the Interim Measures on Managing Reputation Risks of Banking and Insurance Institutions
CBIRC Releases Supervisory Statistics of the Banking and Insurance Sectors for 2020 Q4
Australia
Criminal charges laid against Allianz and AWP alleging the making of false statements
ASIC sets five-year sunset date for litigation funding legislative instrument
APRA releases quarterly private health insurance statistics for December 2020
Insurance cases
Rockliffe Hall Ltd v Travelers Insurance Co Ltd [2021] EWHC 412 (Comm)
Queen’s Bench Division (Commercial Court) – 25 February 2021
Business interruption insurance; Causation; Contract terms; Coronavirus; Insured perils; Interpretation; Losses; Policy wordings; Striking out.
ABN AMRO Bank NV v Royal and Sun Alliance Insurance Plc [2021] EWHC 442 (Comm)
Queen’s Bench Division (Commercial Court) – 26 February 2021
Banks; Credit risk; Indemnities; Insurance policies; Interpretation; Marine insurance; Misrepresentation; Non-disclosure; Terms and conditions; Underwriters.
Technology Swiss Pty Ltd v AAI Limited trading as Vero Insurance [2021] FCA 95
Federal Court of Australia – 12 February 2021
Subrogation and recoupment – indemnity principle – where insurer accepted liability to indemnify but disputed quantification of loss – where parties settled by way of deed of release and payment of settlement sum – where parties to deed did not identify what part of the sum was paid by way of indemnity – where insured later recovered damages from third party – whether insurer entitled to recoupment – whether any part of settlement sum was mutually intended to represent payment by way of indemnity under the policy- where goods were under insured and insured was deemed to be acting as own insurer in respect of uninsured balance – where insurer partially indemnified insured – where insured recovered damages from third party – distribution of recovered monies – application of Marine Insurance Act 1909 (Cth) s 87
Insurance news
HK insurers to profit from renminbi reforms
Geneva Association unveils multinational insurer task force
Australia’s second BI test case goes federal
Hong Kong targets captives, specialty and ILS in budget
AXA launches enhanced business protection plan for SMEs
Australia brokers’ strong results belie Aon/WTW concerns
Chubb enters into travel insurance partnership
Lloyd’s business interruption lawsuit victory shows insurers’ strength – report
Indian insurers, paytech partnerships bring wider distribution
Allianz APAC posts 15.4% 2020 operating profit jump to $670.9m
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.