Jurisdiction: Hong Kong
Insurance and Reinsurance Review – December 2009
Dec 1, 2009 | D&O Liability, Industry Developments, Insolvency, Restructuring and Run-Off, Latin American Developments, Regulatory | Hong Kong, United Kingdom, United States
HK: Insurance Market Performance in 2008 and 2009 to Date
Oct 16, 2009 | Regulatory | Hong Kong
According to the Provisional Statistics on Hong Kong Insurance Business for 2008 recently published by the Hong Kong Insurance Authority (IA), gross premiums for general insurance business increased by 11.3% to HK$27 billion and net premiums were up 12.3% to HK$19.2 billion, compared with 2007.
Read MoreHK: Ernst & Young Settle the Akai Holdings Case
Oct 16, 2009 | Insolvency, Restructuring and Run-Off | Hong Kong
Ernst & Young (“E&Y”) has settled the Akai Holdings (“Akai”) case with Akai’s liquidator, Borrelli Walsh. In the case, E&Y was accused of negligence for failing to avert Akai’s collapse in 2004.
Read MoreHK: SFC Clarifies the Licensing Requirements for the Promotion, Offering or Sale of Investment Linked Assurance Schemes to the Public
Oct 16, 2009 | Regulatory | Hong Kong
The Hong Kong Securities and Futures Commission (“SFC”) recently issued a circular clarifying that insurers, corporate insurance brokers and individual insurance intermediaries are not required or permitted to be licensed by the SFC under the provisions of the Securities and Futures Ordinance (“SFO”) (Chapter 571 of the Laws of Hong Kong) to engage in promoting, offering or selling investment linked assurance schemes (“ILAS”) to the Hong Kong public (the “Circular”).
Read MoreHK: New Appointment of Commissioner of Insurance
Oct 16, 2009 | Regulatory | Hong Kong
On 14 September 2009, Ms. Annie Choi assumed the post of Commissioner of Insurance, succeeding Mr. Clement Cheung who became Postmaster General on the same day.
Read MoreInsurance & Reinsurance Review – September 2009
Sep 2, 2009 | Coverage & Claims, Federal Legislative Developments, Healthcare, Payment Protection Insurance, Regulatory, Reinsurance | Hong Kong, United Kingdom, United States
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – September 2009, which contains nine articles about various topics in the insurance and reinsurance industry.
Read MoreHK: Prohibition Against Contingent Fee Arrangement Re-Affirmed
Aug 27, 2009 | Regulatory | Hong Kong, United States
On 26 June 2009, a solicitor and a recovery agent were found guilty by the District Court for offering a “no win, no fee” deal to a mother seeking compensation for her son, who was severely injured in a road traffic accident. The recovery agent was also found guilty of champerty, that is, negotiating to receive a share of the proceeds of litigation in which he had no interest.
Read MoreChina: Insurance Law Reform in China
Aug 21, 2009 | Regulatory | Hong Kong
On 28 February 2009, the National People’s Congress resolved to amend the China Insurance Law. This was the second revision since the insurance law was first enacted in China on 1 October 1995. The amendment will come into force on 1 October 2009 and will constitute a comprehensive reform of the present insurance law.
Read MoreChina: Tough Times for Smaller Insurers in China
Jul 10, 2009 | Regulatory | Hong Kong
Insurance companies in China are undergoing a major shake-up as smaller and weaker insurers are struggling to meet the heightened solvency requirements introduced by the China Insurance Regulatory Commission (“CIRC”) in December 2008 in light of the economic crisis. The aims of these requirements are to increase risk management and efficiency in the insurance sector.
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