On 9 April 2013, the CIRC promulgated the Notice on Relevant Issues regarding Article 4 (“Notice”) of the Administrative Measures on Equity Interest in Insurance Companies (“Measures”).
Read More China Increases Domestic Investors’ Ownership Ceiling in Insurers to 51% from 20%
Jurisdictions
People’s Bank of China requires insurers to implement new anti-money laundering rules by 2015
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
As reported by Reuters on 17 April 2013, according to accountants and bankers with knowledge of the matter, in December 2012 the People’s Bank of China issued new anti-money laundering rules to banks and insurers.
Read More People’s Bank of China requires insurers to implement new anti-money laundering rules by 2015
Hong Kong to launch RBC model in 2016 at earliest
By Troutman Pepper Locke on
Posted in Hong Kong, Industry Developments
In the January 2013 newsletter published by the Office of the Commissioner of Insurance (OCI), the OCI confirmed that it is reviewing the solvency and capital regime for insurance companies with a view to develop an appropriate risk-based capital framework for Hong Kong.
Read More Hong Kong to launch RBC model in 2016 at earliest
Internet marketing of collective investment schemes to professional investors
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
On 22 March 2013, a company and its director were acquitted by the Hong Kong’s Magistrate’s Court of four counts of issuing advertisements to promote a collective investment scheme, including posting relevant information on the company’s website, without the authorisation of the Securities and Futures Commission (SFC) in contravention of section 103 of the Securities and Futures Ordinance.
Read More Internet marketing of collective investment schemes to professional investors
Enhanced disclosure for the sale of ILAS products
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The Hong Kong Federation of Insurers (HKFI) released a circular on 22 April 2013 introducing new measures to enhance disclosure relating to the sale of investment-linked assurance schemes (ILAS) products.
Read More Enhanced disclosure for the sale of ILAS products
Hong Kong: The Office of Privacy Commissioner for Personal Data Finds an Insurance Broker Collected Personal Data for Use in Direct Marketing by Arguably Deceitful Means
By Troutman Pepper Locke on
Posted in Hong Kong, Privacy/Data Security/Cyber Risk
On 9 April 2013, the Office of Privacy Commissioner for Personal Data (“Commissioner“) issued a report in respect of the investigation carried out by the Commissioner against a body check service company and an insurance broker concerning the unfair collection of personal data from the public by the body check service company and its transfer to the insurance broker for use in direct marketing.
Read More Hong Kong: The Office of Privacy Commissioner for Personal Data Finds an Insurance Broker Collected Personal Data for Use in Direct Marketing by Arguably Deceitful Means
UK: Competition Commission publishes annotated issues statement in private motor insurance investigation
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Competition Commission (CC) has published an annotated issues statement in its investigation into private motor insurance. This follows the reference of the market by the Office of Fair Trading (OFT) to the CC in October 2012 (please see our previous blog here).
Read More UK: Competition Commission publishes annotated issues statement in private motor insurance investigation
UK: Court of Appeal: Approach to costs where Part 20 Defendant insurer found not liable
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In United Marine Aggregates v GM Welding & Engineering Ltd and Novae Syndicates, the Court of Appeal overturned a costs award of a first instance judge which had unfairly penalised the Part 20 Defendant insurer in costs, despite it ultimately not being liable.
Read More UK: Court of Appeal: Approach to costs where Part 20 Defendant insurer found not liable
UK: Court Admits Air Accident Report as Evidence in Civil Negligence Proceedings
By Troutman Pepper Locke on
Posted in Aviation and Aerospace, United Kingdom
The High Court has ruled that a report into a fatal plane crash produced by the Air Accident Investigation Branch (AAIB) is admissible as evidence in civil proceedings seeking damages for alleged negligence by the pilot.
Read More UK: Court Admits Air Accident Report as Evidence in Civil Negligence Proceedings
UK: Approach to Fraudulent Devices Criticised
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Versloot Dredging v HDI [2013] EWHC 1666, Popplewell J has criticised the Privy Council decision in Stemson v AMP [2006] UKPC 30 and the Court of Appeal decision in Agapitos v Agnew [2003] QB 556 concerning the circumstances in which the Court should reject a policyholder’s claim that is supported by a fraudulent device.
Read More UK: Approach to Fraudulent Devices Criticised