Industry Segments: Legal/Regulatory Page 5 / 84
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- September 27 2023
MG Insurance majority owner files fresh lawsuit to stop sale: report
Korea Deposit Insurance Corporation had hired Samjeong KPMG to run the sale of the troubled carrier and had set an October 5 deadline for bids.
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- September 26 2023
Suncorp expects December tribunal hearing on blocked ANZ bank sale with decision in February
Pending all approvals including from the Australian Competition Tribunal, the group sees a potential sale completion in the middle of 2024, chairman Christine McLoughlin says.
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- September 25 2023
Philippines proposes new 2% tax on non-life premiums: report
The proposed new bill also aims to impose a one-time documentary tax stamp for insurance policies exceeding US$1,800.
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- September 21 2023
Former CEO, CFO at New Zealand’s collapsed insurer CBL cleared of fraud charges
There were 11 cases brought by the country's Serious Fraud Office relating to transactions made by CEO Paul Harris and CFO Carden Mulholland in the run-up to the failure of the credit insurer.
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- September 20 2023
ICA welcomes New South Wales budget for disaster resilience, calls for tax reform
The state has the highest rate of insurance taxes in the country with insurance customers hit with both stamp duty and the emergency services levy.
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- September 19 2023
FSA searches Sompo Japan premises over Bigmotor probe: report
The inspection is to determine the extent to which the insurer was aware of Bigmotor's fraudulent activity.
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- September 18 2023
HKIA rolls out Open API framework and central register
The idea is to provide guiding principles on Open API adoption, the categorisation of functions, third-party service provider governance and risk management.
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- September 15 2023
Taiwan P&C insurers resilient under cat risks, says regulator after stress test
The test results showed that the overall capital adequacy ratio of the island's P&C insurance was 337.2%, while net worth ratio stayed at 19.62%,
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- September 12 2023
Claims from Typhoon Saola and black rain event of ‘large scale and continue to escalate’: HKIA
The two storms have caused significant motor and property losses, with the regulator urging insurers to make adequate resources available to settle claims.
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- September 11 2023
US sanctions jet-fuel shipments to Myanmar: IGP&I
While restrictions apply only to fuel for military purposes, in practice, it may be impossible to prove that shipments are only for civil aviation, which may lead to exclusions in P&I cover.
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- September 11 2023
Hong Kong tech hub receives ransom demands after data breach: reports
Hackers are demanding around US$300,000 to return the data taken from startups in Cyberport, which also incubates several insurtechs.
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- September 8 2023
Lloyd’s new consortia wording to bring London market flavour to APAC
Allowing service companies to aggregate capacity like in London will facilitate local access to specialist products, larger line sizes and more efficiency in the region.
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- September 6 2023
‘Little-known’ insurers likely stepping in to provide dark fleet cover: sources
While it is legal to provide insurance to Russian oil shipments despite sanctions, the question is do these insurers have reserves to pay for catastrophic events.
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- September 5 2023
China’s (re)insurance sector’s solvency ratio ‘adequate’ at Q2 2023: NAFR
At the end of the second quarter, the total assets of China's insurers and reinsurers were up 7.6% from the start of the year to US$4tn.
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- September 1 2023
IAG may face class action suit over ‘loyalty tax’ on home insurance renewals
Collective action specialist firm Slater and Gordon has started an investigation into the alleged pricing misconduct by the insurer's subsidiaries.
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- August 29 2023
MG Non-life sale process resumed, sets October 5 deadline for letters of intent: report
The Korea Deposit Insurance Corporation has kicked off its second attempt to sell the beleaguered general insurer following the dismissal of a lawsuit by the largest shareholder.
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- August 28 2023
Indian government reneges on capital support to state-owned general insurers: report
The government last year provided US$600m in capital to National Insurance, Oriental Insurance and United India Insurance to meet regulatory solvency norms.
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- August 28 2023
India’s new reinsurance regulations are small steps towards global hub status
Reduction in capital requirements could encourage smaller global players to come into the market but there was no 'game-changing' move.
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- August 25 2023
ASIC doubles down on pricing scrutiny with a new civil penal proceeding against IAG
The regulator alleges in a court filing that the insurer, which was fined US$26.5m in June for pricing misconduct, pumped up prices before applying loyalty discounts for customers renewing their home insurance policies.
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- August 25 2023
IRDAI approves reinsurance regulation amendments
The minimum capital requirement for foreign reinsurance branches has been halved to US$6m, with the provision to repatriate any excess assigned capital.
