Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch Ratings has maintained its 2018 rating and sector outlooks for China’s non-life insurers at stable, because it believes the sector is likely to sustain “healthy” capital adequacy. The ratings agency said it expects further liberalisation of motor insurance pricing to undermine the insurers’ ability to boost their underwriting margins. But it also said the expansion in non-motor policies is…

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Labuan International Business and Finance Centre (IBFC) needs to ensure that the local community benefits from its economic activity, become a more diversified and sustainable economy, and enhance tax incentives so that they are on a par with international best practices. These are the three major challenges facing the IBFC, according to Muhammad bin Ibrahim, governor of Bank Negara Malaysia,…

Hong Kong supervisor faces problems over new broker licensing rules

Hong Kong supervisor faces problems over new broker licensing rules

Hong Kong supervisor faces problems over new broker licensing rules

John Leung, CEO of Hong Kong’s recently created Insurance Authority (IA), has admitted that the new regulatory body has encountered some “teething” issues since it replaced the Commissioner of Inland Revenue back in June. He also conceded that the IA faces a “very tight” timeframe to introduce the new licensing regime for brokers in time for 2019. Mr Leung told…

Insurance markets set to gain from ASEAN integration says research

Insurance markets set to gain from ASEAN integration says research

Insurance markets set to gain from ASEAN integration says research

The ASEAN Economic Community (AEC) initiative, a plan to develop a single economic market across the ten ASEAN states by 2025, is also likely to benefit regional insurance markets, according to a report published by Zurich-based research firm Dr. Schanz, Alms & Company and reinsurer Malaysian Re. The ASEAN Insurance Pulse report, based on interviews with regional and international insurers,…

RBC regulation intensifies across Asia-Pacific region

RBC regulation intensifies across Asia-Pacific region

RBC regulation intensifies across Asia-Pacific region

Asia Pacific countries are moving ahead with new risk-based capital (RBC) regulatory frameworks, according to Aon Benfield, which has just released its Solvency Regulation Report 2017. The report outlines the latest non-life solvency requirements for 21 insurance markets in the region. Three years after issuing its RBC consultation paper, Hong Kong started the first round of a Quantitative Impact Study…

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

The annual report of the Global Federation of Insurance Associations (GFIA) has highlighted that an increasingly protectionist environment threatens open trade and market access in (re)insurance. In an article in the report, Brad Smith, chair of the GFIA trade working group and chief international officer at the American Council of Life Insurers, writes that global trade dynamics have changed in…

China Market Report: opportunities but challenges too

China Market Report: opportunities but challenges too

China Market Report: opportunities but challenges too

Economic growth may be slowing in China, but the outlook for the insurance sector remains excellent. That’s the view of Munich Re in a recent report, and it is not alone. There is still a good deal of optimism surrounding the Chinese insurance market, and foreign insurers are as keen as ever to get some sort of foothold on the…

Kennedys opens new offices in Thailand and France

Kennedys opens new offices in Thailand and France

Kennedys opens new offices in Thailand and France

Law firm Kennedys has opened new offices in Bangkok and Paris. The Bangkok office will be headed up by Suraphon Rittipongchusit, who joins from DLA Piper (Thailand) where he was a senior partner in the insurance and litigation department. He is an insurance and commercial litigation specialist with experience in advising on some of the most recent high profile disputes…

Ex-CIRC head to face criminal charges over corruption

Ex-CIRC head to face criminal charges over corruption

Ex-CIRC head to face criminal charges over corruption

The former head of China’s insurance regulator is to face criminal charges over alleged corruption. Xiang Junbo was head of the China Insurance Regulatory Commission (CIRC) until his dismissal in April, following an investigation for “serious disciplinary violations”. A statement issued this week by the Central Commission for Discipline Inspection (CCDI) said that Mr Junbo had been expelled from the…

CIRC issues alcohol ban for all staff as crackdown continues

CIRC issues alcohol ban for all staff as crackdown continues

CIRC issues alcohol ban for all staff as crackdown continues

China’s insurance watchdog, the China Insurance Regulatory Commission (CIRC), has issued a ban on the consumption of alcohol across all of its offices, subsidiaries and departments. The move is seen as a way for the watchdog to support the nationwide anti-corruption drive that is currently underway, with China’s insurance industry at the heart of the crackdown. For example, the CIRC…

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