Industry Segments: Legal/Regulatory Page 12 / 89
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- July 10 2023
India to keep 4% obligatory cession for GIC Re: report
Under the right to first refusal, GIC Re has the first right to choose the reinsurance business from the general insurers and then it can be placed with other reinsurers.
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- July 10 2023
Opinion: Australia’s cyclone pool helps ease pressure on cat limits
ACRP is set to assume more than 90% of the market’s cyclone exposure for household, strata and small business property policies.
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- July 6 2023
NZIA does away with emission targets for insurers
The UN said the protocol would now be "a voluntary best practice guide" for helping build and compare decarbonisation targets.
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- July 6 2023
Hong Kong passes insurance amendment bill to implement RBC regime
Insurance Authority will begin drafting detailed guidelines and requirements for the new regime, which is targeted for implementation in 2024.
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- July 3 2023
Korean regulator mulling separate licence for reinsurers
The revised licensing regime will only apply to new players and is intended to bring more capacity and competition to the market, according to a Korean Re report.
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- June 30 2023
Australian court fines IAG record US$26.5m for pricing misconduct
The insurer said that it will pay the penalty from the A$123m customer refund provision made earlier this financial year.
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- June 28 2023
Opinion: When algorithms fail – the Australian pricing debacle
The ASIC review, which blames overreliance on technology, offers a cautionary tale for the wider (re)insurance markets.
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- June 28 2023
IRDAI to kick off new risk-based supervision in July
IRDAI had tied up with Toronto Centre (TC), a not-for-profit organisation, to develop RBS framework guidelines.
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- June 23 2023
Australian carriers to return US$550m to customers after regulatory crackdown on pricing misconduct
IAG will pay US$300m and RACQ return US$150m after the ASIC intervention found 'systemic failure by insurers to deliver on their pricing promises'.
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- June 21 2023
Japan’s FSA orders non-life insurers to explain allegations of cartelisation
Tokio Marine & Nichido, Sompo Japan, Mitsui Sumitomo and Aioi Nissay Dowa are alleged to have 'pre-adjusted' fire insurance premiums.
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- June 20 2023
Marsh sued by Greensill investor over US$143m insurance: report
White Oak has accused the broker of failing to take reasonable steps to ensure accurate representations in relation to the now-collapsed financier's trade credit insurance.
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- June 20 2023
Seoul Guarantee Insurance files for Korea Exchange listing: report
Samsung Securities and Mirae Asset Securities have been appointed as the lead underwriters for the proposed IPO.
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- June 16 2023
Suncorp and ANZ agree bank merger conditions with Queensland as ACCC decision looms
Suncorp CEO Steve Johnston believes the group can more readily address issues such as climate change, affordability and resilience as 'a pure play insurance company'.
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- June 15 2023
India proposes sweeping changes to insurance rules: report
Several amendments around capital and broker registration have been proposed by the regulator to improve insurance penetration.
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- June 14 2023
IRDAI caps SBI group’s total stake in ICICI Lombard at 10%
The state-owned financial services group, which owns SBI General Insurance, has a 4.62% interest in the ICICI-owned general insurer through its mutual fund arm.
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- June 13 2023
India’s central bank opens up bill discounting platform to insurers
Trade credit insurers can now provide cover to financiers on the Reserve Bank of India-run factoring platform, TReDS.
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- June 12 2023
Mitsubishi D&O cover in the spotlight as lawsuit looms against securities arm
The fallout of Credit Suisse's demise will have wider repercussions as the cover placed locally would have been facultatively reinsured in the international markets.
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- June 9 2023
China targets global cedents with Shanghai reinsurance hub
The international board, launched on June 8, rolls out incentives for international (re)insurers to tap the country's capital.
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- June 8 2023
Sri Lankan insurers’ profits to be hit by inflation, currency devaluation: Fitch
Underwriting profit for P&C insurers to be squeezed by rising motor spare-part costs, while sparse foreign-currency liquidity is hampering firms.
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- June 6 2023
Despite the buzz, Korean insurance M&A slow to take off
A consolidated market, low valuations and lack of sizeable targets make dealmaking hard in the north Asian country.
