Industry Segments: Regulatory Page 11 / 92
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- November 20 2023
Vietnam connects to Asean compulsory motor insurance system
Bao Viet Insurance is the only Vietnamese carrier approved to issue blue cards that prove that a vehicle has third-party liability cover to be used across Asean borders.
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- November 16 2023
New South Wales’ emergency services levy reform to lower insurance costs
The abolition of the levy on insurance is expected to lower the cost of home cover by up to 15% on average, and for business cover by around 23%, according to the ICA.
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- November 16 2023
Carrot Insurance plans to raise US$230m by next year: report
The Hanwha Group-backed Korean digital insurer is seeking to secure funds through a paid-in capital increase allocated to shareholders and is aimed for better capital adequacy and investment funds.
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- November 14 2023
Tower nearly doubles discount lapse costs to US$10.3m, CEO apologises
The Kiwi insurer has now taken into account repayments to around 65,000 customers and also a potential regulatory penalty.
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- November 14 2023
ICA panel to review general insurance code
The three-person panel led by former APRA deputy chair will complete the review in two phases deliver its findings by June 30, 2025.
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- November 13 2023
BOC Aviation gets US$208m settlement for jets stranded in Russia
The lessor would reportedly abandon legal claims after Russian airline Aeroflot clinched a deal with insurer NSK to pay off the Chinese company.
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- November 9 2023
Two foreign brokers get licences to set up China operations
In a first in 5 years, BMW and Ergo-FRESCO have been given regulatory approval to offer insurance and reinsurance broking.
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- November 8 2023
Axa Hong Kong completes first inward ceding deal on Shanghai reinsurance platform: report
The insurer ceded its Hong Kong-Guangdong cross-order motor insurance business to Axa Tianping P&C.
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- November 7 2023
20% of motor insurance claims in Singapore fraudulent: report
Common forms of scam involve individuals offering help from unauthorised repair shops or overpriced towing services after an accident, staged accidents with fake injuries, and fake witnesses.
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- November 6 2023
IAG accuses Greensill of misleading German regulator: report
In a court filing, the Australian carrirer said that the failed trade lender did not disclose that it had agreed to fund its own insurance claims when it presented a credit insurance guarantee to the country's regulator.
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- November 2 2023
AUB-owned Tysers to settle US Department of Justice probe for US$47m
The matter related to Integro Insurance Brokers and the conduct of business in Ecuador between 2013 and 2017.
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- November 1 2023
APRA applies US$12.7m capital requirement to RAC Insurance after governance review
A review by the regulator revealed significant weaknesses in areas of outsourcing controls, conflict management and board decision making at the Western Australia motor insurer.
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- October 31 2023
ICA accepts seven recommendations from post-flood review
Global consultancy Deloitte has highlighted several areas where insurers fell short of best practices while dealing with the February to March 2022 floods.
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- October 31 2023
SIRC: SIRC kicks off with focus on Asean co-operation, data and cyber, climate risks
Ravi Menon, managing director of the Monetary Authority of Singapore, warns there is not enough data on economic exposure to perils such as nat cats and cyberattacks.
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- October 26 2023
Hong Kong speeds up US$1bn of drainage improvements in climate resilience move
John Lee, the SAR's chief executive, said the city will step up disaster preparedness, including a review of transport and drainage works.
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- October 25 2023
Greensill investor may file more legal claims against IAG, BCC and Tokio Marine: report
White Oak has alleged that the insurers failed to inform the firm about the problems in collapsed trade credit financier insurance policies.
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- October 24 2023
Seoul Guarantee Insurance calls off US$267m IPO due to poor institutional demand: report
The offering failed to get an "appropriate valuation" as investors raised concerns about high interest rates, lack of growth potential and additional share sale overhang.
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- October 19 2023
QBE and MS First Capital withdraw Covid BI appeal against Thailand resort owner
Relax Beach, which owns Le Meridien Phuket Beach Resort, now stand to potentially receive millions of dollars in claims after it was forced to close in April 2020.
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- October 12 2023
Suncorp’s Vero slapped with ‘largest’ ever FMA penalty over multi-policy discounts
The New Zealand regulator said the general insurer and its intermediaries overcharged 42,000 customers by US$6m in premiums between April 2014 and May 2022 on house and contents, vehicle and boat insurance.
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- October 3 2023
SMBC Aviation receives US$710m insurance settlement for jets stranded in Russia
The Japanese lessor had commenced litigation in the Irish courts late last year against 11 insurers over its 34 aircraft stuck in Russia following European sanctions.
