One Belt One Road key to raising risk management standards in Asia: Parima

One Belt One Road key to raising risk management standards in Asia: Parima

One Belt One Road key to raising risk management standards in Asia: Parima

The One Belt One Road (OBOR) initiative, China’s ambitious development project designed to coordinate large infrastructure projects in China and place itself at the centre of global trade and construction, could also play a critical role in raising risk management standards across Asia. This was one of the central points made at the Pan-Asian Risk and Insurance Management Association (Parima)…

Takata prepares for bankruptcy after product recall woes

Takata prepares for bankruptcy after product recall woes

Takata prepares for bankruptcy after product recall woes

Japanese airbag manufacturer Takata is expected to file for bankruptcy later this month after suffering one of the biggest product recalls in recent memory. According to Bloomberg, Takata will seek bankruptcy protection in Japan before filing for Chapter 11 bankruptcy in the US. Further evidence of the likely bankruptcy was provided by the fact that Takata’s shares were suspended on…

New rates for New Zealand Fire Emergency Levy

New rates for New Zealand Fire Emergency Levy

New rates for New Zealand Fire Emergency Levy

The New Zealand Fire Service is planning to make various changes to its Fire Service Levy, as from 1 July 2017, according to Impendulo, a specialist in insurance premium tax compliance. Firstly, the name of the Levy will change from Fire Service Levy to Fire Emergency Levy. The New Zealand Fire Service is also making changes to the size of…

Insurers welcome new “overdue” Hong Kong regulator

Insurers welcome new “overdue” Hong Kong regulator

Insurers welcome new “overdue” Hong Kong regulator

Insurers in Hong Kong have heralded the imminent arrival of the Insurance Authority, which will replace the Office of the Commissioner of Insurance (OCI) in regulating insurance companies, later this month. “We welcome the change, it is long overdue,” said Peter Tam, chief executive, Hong Kong Federation of Insurers (HKFI). The key change is the fact that the new watchdog…

New South Wales Emergency Services Levy to remain

New South Wales Emergency Services Levy to remain

New South Wales Emergency Services Levy to remain

The New South Wales Emergency Services Levy (ESL) is to remain in place until further notice, according to Fiscal Reps. The ESL was expected to be abolished with effect from 1 July 2017 and replaced by a new Fire and Emergency Services Levy (FESL). However, at the end of May, the Premier of New South Wales, Gladys Berejiklian, announced that…

Compulsory travel insurance plan mooted for visitors to Thailand

Compulsory travel insurance plan mooted for visitors to Thailand

Compulsory travel insurance plan mooted for visitors to Thailand

Travellers to Thailand may be forced to obtain travel insurance before they are allowed to enter the country, if a proposal from the tourism officials comes to fruition. Officials at the Ministry of Tourism and Sport are currently considering the proposal after it was raised as a possible solution to the rising cost of medical treatment at state hospitals for…

Fairfax reduces stake in Indian insurer ICICI Lombard

Fairfax reduces stake in Indian insurer ICICI Lombard

Fairfax reduces stake in Indian insurer ICICI Lombard

FAL Corporation, a wholly owned subsidiary of Fairfax Financial Holdings, is to sell 12.18% of the fully diluted shares of ICICI Lombard General Insurance to Red Bloom Investment, a company wholly owned by private equity funds. The proposed transaction values ICICI Lombard at INR203bn (approximately $3.1bn), is subject to governmental and regulatory approvals, and is expected to close in the…

New independent insurance regulator for Hong Kong

New independent insurance regulator for Hong Kong

New independent insurance regulator for Hong Kong

In Hong Kong, the Insurance Authority will replace the Office of the Commissioner of Insurance (OCI) in regulating insurance companies, with effect from 26 June 2017. The OCI will be disbanded on the same day. The Insurance Companies (Amendment) Ordinance 2015 (Amendment Ordinance) will enable the Insurance Authority to take over the statutory functions of the OCI. The Insurance Authority…

Survey shows Chinese insurers are well capitalised

Survey shows Chinese insurers are well capitalised

Survey shows Chinese insurers are well capitalised

The vast majority of Chinese insurers are well capitalised, according to a survey carried out by the Chinese insurance regulator, with just five insurers out of 170 surveyed “near regulatory red lines in the first quarter”, Reuters reported. The China Insurance Regulatory Commission (CIRC) said in a statement that the comprehensive solvency ratio for the industry reached 238% at the…

Hong Kong and mainland China regulators sign agreement on equivalence assessment

Hong Kong and mainland China regulators sign agreement on equivalence assessment

Hong Kong and mainland China regulators sign agreement on equivalence assessment

Hong Kong’s Office of the Commissioner of Insurance and the China Insurance Regulatory Commission (CIRC) have signed an agreement to conduct an equivalence assessment on the insurance solvency regulatory regimes of mainland China and Hong Kong. The objectives of the Equivalence Assessment Framework Agreement on Solvency Regulatory Regime are to achieve mutual equivalence recognition of the solvency regulatory regimes in…

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