Parima adds new board members

Parima adds new board members

Parima adds new board members

The Pan-Asia Risk and Insurance Management Association (Parima) has added three new members to its board committee, in a sign of its growing presence in the region. Rehanna Box, Satoshi Hoshi and Takehisa Banno joined the board on 8 March, bringing the total number of members to 26. Ms Box, insurance advisory partner at the Sydney office of international law…

Toys, cars and motorcycles top EC dangerous products list and China is biggest culprit 

Toys, cars and motorcycles top EC dangerous products list and China is biggest culprit 

Toys, cars and motorcycles top EC dangerous products list and China is biggest culprit 

The European Commission (EC) this week released its 2017 report on the Rapid Alert System for dangerous products and found that toys (notably so-called fidget spinners), cars and motorcycles top the list of dangerous products that were spotted and removed from markets. China is still the source of most dangerous products identified by the alert system and the EC said it is…

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Turbulence in political risk – particularly Brexit negotiations, trade protectionism and the North Korea missile crisis – will continue into 2018 and feature high on the agenda of multinationals, Marsh said on publishing its Political Risk Map 2018 with BMI Research. In Europe, the political risk landscape continues to be dominated by the UK’s exit from the European Union and…

Singapore’s cybersecurity bill passed in parliament

Singapore’s cybersecurity bill passed in parliament

Singapore’s cybersecurity bill passed in parliament

A bill designed to make Singapore’s critical services more resilient to cyberattacks has been passed in parliament. The Cybersecurity Bill mandates that owners of computer systems deemed to be providing essential services, known as critical information infrastructures (CIIs), must comply with codes of best practice, report any cybersecurity incidents, undergo regular cybersecurity risk assessments and submit to a cybersecurity audit…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

Singapore proposes stronger corporate governance rules

Singapore proposes stronger corporate governance rules

Singapore proposes stronger corporate governance rules

The Corporate Governance Council of Singapore has released a consultation paper on its recommendations to revise the country’s Code of Corporate Governance. The Monetary Authority of Singapore (MAS) said the recommendations aim to support sustained corporate performance and innovation, and strengthen investor confidence in its capital markets. The MAS announced the formation of the council last February under the chairmanship…

China’s captive market gathers steam with Yudean approval

China’s captive market gathers steam with Yudean approval

China’s captive market gathers steam with Yudean approval

The long-awaited emergence of a healthy captive insurance market in China and the wider Asian region could finally be picking up a head of steam. There are options for Chinese companies to base their captives ‘onshore’ following recent rule changes in China. But Hong Kong is keen to make sure that it is the domicile of first choice for major…

Singapore watchdog creates expert cyber security advisory panel

Singapore watchdog creates expert cyber security advisory panel

Singapore watchdog creates expert cyber security advisory panel

The Monetary Authority of Singapore (MAS) last week announced that it has established a Cyber Security Advisory Panel (CSAP), which is made up of cybersecurity thought leaders from around the world. MAS said the CSAP will advise it on strategies to “enhance the cyber resilience” of Singapore’s financial sector. “Specifically, CSAP will provide MAS with global perspectives on evolving technologies…

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Hong Kong has become the first jurisdiction in Asia to enact apology legislation. The Hong Kong Legislative Council (LegCo) passed the Apology Bill on 13 July – a development with potentially far-reaching consequences for anyone involved in the management of risk or insurance, as well as those who may find themselves in litigation or resolving disputes in Hong Kong. The…

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies in Taiwan will be subject to new rules on anti-money laundering and cybersecurity, due to a series of measures undertaken by the Taiwanese government to improve its reputation as a jurisdiction for international business. In August 2016, state-run bank Mega Financial Holding was fined $180m by US authorities for its poor enforcement of anti-money laundering rules at its New…

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