Chinese regulator calls for greater self-discipline from insurers

Chinese regulator calls for greater self-discipline from insurers

Chinese regulator calls for greater self-discipline from insurers

The Chinese insurance sector has been urged to show greater self-discipline by the country’s insurance regulator. According to a report from China Global Television Network (CGTN), the vice-chairman of the China Insurance Regulatory Commission (CIRC), Liang Tao, said in a speech that the insurance industry should “return to its origins” and work to “reduce tremors” in the economy and society.…

Hong Kong Exchange rejects insurance broker’s IPO

Hong Kong Exchange rejects insurance broker’s IPO

Hong Kong Exchange rejects insurance broker’s IPO

A Chinese state-owned insurance broker that describes itself as “the largest local corporate insurance brokerage and risk solutions firm in Hong Kong” has had its initial public offering (IPO) blocked by the Hong Kong stock exchange. The exchange cited a “substantially incomplete” prospectus as the main reason for rejecting the proposed IPO of AMTD Strategic Capital Group, which also acts…

Inbound M&A deals to Africa have almost halved in past quarter

Inbound M&A deals to Africa have almost halved in past quarter

Inbound M&A deals to Africa have almost halved in past quarter

New figures from Baker McKenzie’s Cross-Border M&A Index show there were 17 inbound M&A deals in Africa in the second quarter (Q2) of 2017, a 48% drop from 33 deals in Q2 2016. On a quarter-by-quarter basis, inbound deal volume also dropped (by 45%) from 31 deals in Q1 2017. The total inbound deal value in the second quarter of…

Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

The Association of British Insurers (ABI) has insisted that the International Association of Insurance Supervisors’ (IAIS) Insurance Capital Standard (ICS) is not fit for purpose, and has called for a longer timeline for implementation. The IAIS has just announced the release of ICS Version 1.0 for extended field testing, which it called “a significant milestone for the IAIS as a…

Insurance regulators sets to strengthen regional links

Insurance regulators sets to strengthen regional links

Insurance regulators sets to strengthen regional links

Insurance regulators across Africa are all set to work closely together as the insurance sector faces digital transformation. Speaking at one his last functions for South Africa’s Financial Services Board, Jonathan Dixon, deputy executive officer for insurance, told Commercial Risk Africa: “It is a very exciting time for African insurance markets because of the power of technology and innovation to…

Fenchurch Law boosts disputes team

Fenchurch Law boosts disputes team

Fenchurch Law boosts disputes team

London-based Fenchurch Law, which specialises in insurance disputes and works solely on the buyer side, has appointed Tom Hunter as an associate. Mr Hunter joins the claims dispute team from Reynolds Porter Chamberlain (RPC), where he was an associate in the professional and financial risks group. Mr Hunter has experience in financial lines defence work, including advising on professional indemnity,…

China promises more regulatory oversight following party conference

China promises more regulatory oversight following party conference

China promises more regulatory oversight following party conference

China is promising an era of greater regulatory supervision and macroprudential risk management following the National Financial Work Conference, a large event held every five years that concluded on Monday. The conference comes shortly before the 19th Party Congress, another event held every five years that is used by the ruling Communist Party as an opportunity to flex its political…

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Beleaguered airbag manufacturer Takata is facing more legal troubles just weeks after filing for bankruptcy in a US court, and a number of the world’s biggest carmakers as well as some insurers could be dragged into the case. The US unit of the Japan-based company was responsible for the world’s largest ever auto recall due to faulty airbags and is…

US to sign covered agreement with EU on insurance and reinsurance

US to sign covered agreement with EU on insurance and reinsurance

US to sign covered agreement with EU on insurance and reinsurance

The US Department of the Treasury and the Office of the US Trade Representative have announced their intention to sign the bilateral agreement between the US and the EU on Prudential Measures Regarding Insurance and Reinsurance. The move comes despite opposition to the agreement from the National Association of Insurance Commissioners, which called it an “imprudent leap of faith”, and…

Liability of directors for corporate environmental transgressions –  a South African case study

Liability of directors for corporate environmental transgressions – a South African case study

Liability of directors for corporate environmental transgressions –  a South African case study

  Daniel Le Roux and Christopher MacRoberts consider how recent prosecutions have shown the limits of directors and officers cover in environmental protection cases The risk environment for directors of companies that pollute is changing. In South Africa a raft of recent prosecutions of directors and officers for corporate environmental transgressions brings into focus the limits of directors and officers…

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