Industry Segments: Legal Page 1 / 4
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- April 16 2025
A month in, Australian insurers face ‘a lot of work’ adapting to FAR’s increased accountability
Financial Accountability Regime (FAR) requires insurers to map their organisations, responsibilities, and remuneration structure, while the upcoming merger control reforms aim to protect competition in the market.
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- March 17 2025
Just the tip of a liability iceberg as PFAS risks become apparent, but legal reform roadblocks remain
Firms are set to be drawn into litigation, but changes to the law in Australia are unlikely as they could potentially open the government to significant risks, according to a Sydney-based lawyer.
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- February 1 2025
IAG to release US$125m from provisions after favourable court decree
Carrier will include the released amount in the 'net corporate expense’ line in the financial results for the six months to December 31, 2024.
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- December 4 2024
Ketan Mehta joins Gallagher India as chief compliance officer
Mumbai-based Mehta has over 17 years of experience in risk management and compliance, specialising in FCPA, fraud investigations, business process reviews and regulatory compliance.
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- November 27 2024
Japanese, Korean trade insurers face US$100m+ exposure in Northvolt bankruptcy: report
The government-owned credit guarantee agencies NEXI and K-Sure had covered loans to the Swedish battery maker that filed for a Chapter 11 reorganisation in the US.
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- November 26 2024
QBE Insurance promotes Jamie Kelly to group chief compliance officer
Sydney-based Kelly, who was previously interim executive/group head of risk culture and conduct, will lead the carrier's global compliance function, reporting to group chief risk officer Fiona Larnach.
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- October 25 2024
Dali owner, operator reach US$100m settlement over Baltimore bridge collapse
Singapore-based Grace Ocean and Synergy Marine, the owner and operator of the cargo ship that struck the Francis Scott Key Bridge in the US earlier this year, have agreed to pay the amount to the US federal government.
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- October 23 2024
Australian consumer body urges regulatory intervention on general insurance guidelines
Australian Consumers Insurance Lobby highlighted inadequate standards prevalent in expert reports while handling insurance claims processes.
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- October 23 2024
ASIC sues QBE for allegedly misleading customers over loyalty discounts
The corporate regulator said the insurer's pricing model reduced the discounts promised to customers on policy renewals.
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- October 3 2024
India defers roll out of IFRS 17 equivalent indefinitely: report
Insurers can submit financial statements under the earlier Ind AS104 regime till the IRDAI notifies the implementation of the Ind AS 117standard.
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- September 24 2024
Australian Federal Court rules to declass four BI class actions against insurers
The ruling is regarding representative proceedings regarding Covid-19 business interruptions claims against IAG, QBE, Lloyd's syndicate 2003 and Hollard.
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- September 10 2024
Steadfast refutes ABC’s allegations of kickbacks, misleading customers
The Australian broker said that it is "disappointed that important information has been selectively presented” in a recent media report about its practices in strata insurance.
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- August 30 2024
Aon’s White Rock sues China Construction Bank over Vesttoo fraud, claims US$140m
The lawsuit is another step to maximise recoveries for clients impacted by the Vesttoo fraud and make the bank accountable for the harm it has caused, Aon spokesperson told IAN.
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- July 3 2024
Capacity loading at the front end driving rate softening for Asia aviation market
With the outcome of major disputes relating to Russia-Ukraine and Boeing 737 Max still uncertain, additional retail capacity in the regional aviation market is steering rating.
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- June 12 2024
Berkley Insurance Asia’s Roden Tong elected as president of Hong Kong Law Society
The Hong Kong CEO of Berkley Insurance Asia, who also holds the role of Asia head of claims for financial lines, was the Law Society's vice president since 2021.
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- June 3 2024
Australian lender Westpac sues insurers to recoup US$266m: report
A lawsuit against Chubb is set to be followed by other proceedings involving Axa, Allianz, Zurich, among others over the bank’s anti-money laundering settlement.
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- May 15 2024
Japan’s big 4 face price fixing allegations in group insurance policies: report
The insurers, who have in the past been accused of cartelisation in commercial insurance policies, are facing regulatory probe over personal insurance pricing.
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- May 13 2024
Reliance General Insurance owner’s acquisition approved by regulator: report
IRDAI has approved the Hinduja Group‘s acquisition of Reliance Capital's 3 insurance units before the May 27 deadline but under conditions on share transfers and encumbering.
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- May 10 2024
China Construction Bank sued over Vesttoo fraud charges in US court
US company Porch accused the Chinese bank of enabling a “massive fraud” that caused “monumental losses” for the company, in a complaint filed to a New York court.
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- May 3 2024
Canterbury earthquake lawsuit going to appeals court may weigh on EQC reinsurance renewals
With the class action over underpayment of claims headed to the Court of Appeals, more claimants could join the litigation at a time when the New Zealand Earthquake Commission is looking to secure higher limits at the June 1 renewals.
