China has revised a few regulations that will further expose its insurance and banking industries to foreign investment. The decision regarding revisions to the regulations on management of foreign-invested insurance and of banking firms has been authorized by the State Council and will be implemented immediately on the date of...
General insurer Youi is withdrawing from New Zealand’s insurance market after a five years in a bid to focus more on the Australian market. Tower Limited has announced its signing of a Portfolio Transfer Agreement for the purchase of Youi NZ Pty Ltd’s insurance portfolio, subject to regulatory approvals. Under...
Indian insurance industry regulator IRDAI has ruled that life insurers will issue mandatory benefit illustrations in a drive to curb mis-selling and enhance transparency. The benefit illustrations will be based on two different assumed rates of return as per a prescribed format. These will then have to be signed by...
Japan Post Insurance Co Ltd stated recently that it discovered 6,327 cases of improper sales in a previously flagged misconduct matter that is still under investigation and that 1,400 cases among them are suspected of violating the law. This is the first time the unit of Japan Post Holdings has...
AXA Liabilities Managers has announced that it has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia. The portfolio transfer will become effective on October 1, 2019. A press statement said the transaction was made through AXA Liabilities Managers’ fund (AXA DBIO II), which invests in run-off...
China’s biggest insurer Ping An’s blockchain and fintech arm OneConnect is looking forward to launching an initial public offering (IPO) in New York by mid-November this year. According to a Reuters report in June, Ping An had changed its IPO location to New York from Hong Kong in the hope...
Nippon Life Insurance of Japan said recently that it has completed the acquisition of 75 percent stake in Reliance Nippon Life Asset Management (RNAM) from Reliance Capital. With this latest transaction, Nippon Life’s total gross investment for RNAM stake is now over INR780 million, amongst the largest FDI inflows into India in...
The Hong Kong Insurance Authority has published the new Code of Conduct for Licensed Insurance Agents (Agents’ Code) and Code of Conduct for Licensed Insurance Brokers (Brokers’ Code). A two-month public consultation on the Codes was conducted in early 2019 and the Insurance Authority has issued the Codes together with the consultation conclusions....
The Malaysian general insurance industry dipped by 1.4 percent year-on-year in the first six months of 2019 with gross direct premiums of MYR8.92 billion, according to the General Insurance Association of Malaysia (PIAM). In a statement PIAM said motor insurance, the dominant class, was relatively flat with a marginal decline...
The Australian unit of Allianz SE will refund more than AUD8 million (USD5.40 million) to customers who were mis-sold consumer credit insurance (CCI) premiums, the Australian Securities and Investments Commission (ASIC) stated recently. The investment regulator said Allianz Australia Insurance Ltd will refund more than 15,000 consumers for a variety...
