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 More HK: Insurance Market Performance in 2008 and 2009 to Date
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 More HK: Ernst & Young Settle the Akai Holdings Case
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 More HK: SFC Clarifies the Licensing Requirements for the Promotion, Offering or Sale of Investment Linked Assurance Schemes to the Public
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. …
Judgment in the case of Equitas v R&Q Reinsurance (Brandywine) is expected to be handed down later this month. In this case, Equitas is attempting to establish R&Q’s liability for a sample of more than 4,000 LMX spiral claims arising out of Kuwait Airways losses during the first Gulf war and the Exxon Valdez oil spill. …
Read More UK: LMX Spiral Claims – Key Judgment Imminent
On 1 October 2009 the Bermuda Monetary Authority (BMA) published three market communications outlining proposals on a variety of developments to its regulatory framework. Initially the proposals are only intended to apply to Class 4 and Class 3B insurers and reinsurers due to their high risk profiles. …
Read More Bermuda: The Bermuda Monetary Authority Publishes Market Communications on its Regulatory Framework
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Read More UK: Arbitration Clause Covers Disputes About Future Claims
In its latest update published today, the Law Commission has confirmed that it intends to publish a final report and draft Bill focused on the reform of consumer insurance law in December 2009. …
Read More UK: Law Commission Update on Insurance Contract Law Reform Project
The House Financial Services Committee is set to begin consideration of several bills that are key to achieving financial regulatory reform. Financial Services Chairman Barney Frank (D-MA) will convene a full committee markup on October 14, and is prepared for the session to span the course of multiple days, if necessary. …
Read More Financial Regulatory Reform Update
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