Corporate whistleblowers call for protection and compensation

Corporate whistleblowers call for protection and compensation

Corporate whistleblowers call for protection and compensation

Protection for corporate whistleblowers is on the increase. For example, China and India have recently followed the US lead in enacting legislation. Despite enhanced rewards and protections, whistleblowing laws also pose significant risks and corporates, their risk managers and their insurers will need to be aware of the changing legal landscape in all of the territories where they operate. In…

New solvency regime forcing consolidation in Philippine insurance sector

New solvency regime forcing consolidation in Philippine insurance sector

New solvency regime forcing consolidation in Philippine insurance sector

Recently installed commissioner for the Philippines Insurance Commission Dennis Funa has revealed that the national insurance market is undergoing a process of consolidation as its new capital and solvency rules kick in. In January of 2015 the commission announced a new insurance code and stronger minimum capital requirements designed to prevent insolvencies and bolster the national market. The tougher new…

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

The Insurance Regulatory and Development Authority of India (IRDAI) has approved a number of non-life insurers and reinsurers, according to the Times of India. The newspaper quoted industry sources, who said Gen Re has received the second level of regulatory clearances. The paper said Gen Re “has an exposure for the Indian market in terms of life and health business…

US and Japanese regulators discuss issues of mutual concern

US and Japanese regulators discuss issues of mutual concern

US and Japanese regulators discuss issues of mutual concern

Regulators of the world’s two largest insurance markets have come together to discuss regulatory issues of mutual concern. Representatives from the US National Association of Insurance Commissioners (NAIC) met recently with the Financial Services Agency of Japan (FSA). The two insurance markets represent more than 47% of worldwide premium income. At the NAIC-FSA Insurance Regulatory Dialogue, the regulators discussed regulatory…

Malaysian central bank decries competition watchdog attack on insurance sector

Malaysian central bank decries competition watchdog attack on insurance sector

Malaysian central bank decries competition watchdog attack on insurance sector

Bank Negara Malaysia has described the decision by the Malaysia Competition Commission (MyCC) to fine the 22 members of the General Insurance Association of Malaysia (PIAM) a whopping RM213.45m for supposedly infringing competition rules as “most unfortunate”. MyCC issued a statement in late February noting that, in response to a number of press articles, its CEO Dato’ Abu Samah Shabudin…

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

The China Insurance Regulatory Commission (CIRC) has laid out its big plans for the year and says it will focus on finance and taxation, internet finance, medical sports, agriculture and water conservation among other matters. The supervisor plans to accelerate its strategy of promoting the growth of private medical insurance to support the state system. CIRC says that it will…

China tightens rules on offshore reinsurance

China tightens rules on offshore reinsurance

China tightens rules on offshore reinsurance

The China Insurance Regulatory Commission (CIRC) has introduced new rules on collateral requirements for Chinese insurers when they buy reinsurance from offshore reinsurers. The move forms part of a recent tightening up of supervision of the Chinese insurance and reinsurance market that includes tougher new rules on investments. According to a CIRC notice published on 13 March, the collateral requirement…

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

Insurance CEOs are optimistic about their own companies’ prospects, although the cost and disruption of regulation continues to be industry leaders’ paramount concern, according to PwC’s 20th CEO Survey. The survey found that insurance CEOs’ optimism about their growth prospects remains strong, despite soft premium rates, low interest rates and subdued economic growth in many developed markets, although they are…

Lloyd’s syndicates keen to tap Indian opportunity, says local lawyer

Lloyd’s syndicates keen to tap Indian opportunity, says local lawyer

Lloyd’s syndicates keen to tap Indian opportunity, says local lawyer

Lloyd’s syndicates are not wasting their time as they prepare to enter the Indian insurance market following regulatory approval given to the London-based market to open a reinsurance branch by IRDAI, the insurance supervisor. Lloyd’s announced in January that it had been granted final approval for an R3 reinsurance license under IRDAI’s new regime and that it planned to be…

Landmark case in HK could push up price of D&O insurance

Landmark case in HK could push up price of D&O insurance

Landmark case in HK could push up price of D&O insurance

Risk managers and insurers are eyeing the progress of a landmark Hong Kong tribunal that could have massive implications for D&O insurance in the region. The case involves Chinese state-backed conglomerate Citic, formerly known as Citic Pacific, which specialises in mining. The company ran into trouble back in 2008, when the chairman Larry Yung discovered a HK$15bn loss through unauthorised…

1 2 3 5