January 23, 2020

Looking East

Looking East
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ASIC identifies D&O risk oversight

The Australian Securities and Investments Commission (ASIC) has voiced concern that there are significant shortcomings in Board oversight of non-financial risks, as compared to the more developed frameworks generally in place for the management of financial risks. ASIC has identified these shortcomings in an October 2019 report titled the “Director...

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Grand China Life Insurance collaborates with Chief Bank

Insurance company Grand China Life Insurance has signed a memorandum of understanding (MoU) with Chief (Cambodia) Commercial Bank Plc to further contribute to the development of the insurance sector in the Kingdom. The MoU will see the bank refer clients to the suitable insurance products and services offered by the...

CBIRC okays majority shares for foreign firms

Foreign firms in joint-venture life insurance companies will now be allowed to hold majority shares, according to a revised regulation in China’s insurance market. The new regulation by the China Banking and Insurance Regulatory Commission (CBIRC) increased the limit of foreign shares in joint-venture life insurance companies to 51 percent,...

RHB Bank ends sale negotiations

RHB Bank Bhd, Malaysia’s fourth-biggest lender by assets, has called off talks to sell up to 94.7 percent of its shares in RHB Insurance to Tokio Marine Asia (TMA), a unit of Japan’s Tokio Marine Holdings Inc. “RHB Bank wishes to announce that after much negotiations and deliberations, both the...

IRDAI seeks to simplify motor insurance

The Insurance Regulatory and Development Authority of India (IRDAI) recently proposed changes to the structure of motor insurance policies that can make it simpler and better. The insurance regulator stated, “Considering the various developments in technology relating to motor vehicles as well as the fast changing eco-systems, IRDAI had set up a...

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Tax cut planned for re/insurance

A bill was proposed by the Hong Kong government recently to reduce the profits tax to 8.25 percent – half of the normal rate – for all general reinsurance business of direct insurers, selected general insurance business of direct insurance, and some quarters of insurance brokerage. In addition, Lloyd’s and...

Typhoon Hagibis losses to range USD7-11 billion

Catastrophe risk modeling company RMS has estimated insured losses stemming from Typhoon Hagibis in Japan will be between USD7 billion to USD11 billion. This estimate includes property damage and business interruption caused by typhoon wind and typhoon flood to residential, commercial, industrial, marine, and automobile lines, and includes both the...

Chubb survey shows SMEs unruffled by cyber risk

SMEs unruffled by cyber risk: Chubb survey

A survey by Chubb of Small and Medium Enterprises (SMEs) in Singapore reveals that while cyber risk is rising, SMEs remain unprepared to deal with the potential consequences. The second annual Chubb SME Cyber Preparedness Report 2019 – ‘Ignorance is Risk’ released recently, shows that nearly two-thirds (65 percent ) of Singapore...

IAG agrees to 26% stake sale in SBI General

IAG agrees sale of 26% interest in SBI General

IAG has agreed to sell the whole of its 26 percent interest in its joint venture with the State Bank of India, SBI General Insurance Company (SBI General), via two transactions. Agreements have been reached with Napean Opportunities LLP (part of Premji Invest) to acquire a 16.01% interest; and an...

IRDAI restricts health insurers from excluding some illnesses

No more exclusion of cover: IRDAI

In a progressive approach, IRDA recently restricted health insurance companies from exclusing some illnesses from its cover, some of which include respiratory or skin ailments arising as a result of hazardous workplace conditions; age-related ailments such as cataract surgery, knee-cap replacements, Alzheimer’s and Parkinson’s; and mental illness, stress, psychological and...

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