Former Anbang boss jailed for 18 years

Former Anbang boss jailed for 18 years

Former Anbang boss jailed for 18 years

A Shanghai court has sentenced the former chief executive of Anbang Insurance company to 18 years in jail. The sentence completes a spectacular fall from grace for Wu Xiaohui, a once-prominent figure in China’s insurance sector, who was accused of orchestrating a $10bn (CNY65.2bn) fraud earlier this year by the Chinese authorities. In addition to the custodial sentence, he will…

Bridging the protection gap with novel forms of risk transfer

Bridging the protection gap with novel forms of risk transfer

Bridging the protection gap with novel forms of risk transfer

Parametric insurance is insurance in which the payment is triggered by reference to a pre-determined parameter or ‘index’ that stands as a proxy for loss. For example, a policy designed to provide funding to a policyholder in flood or drought conditions could be triggered by excess or insufficient rainfall measured by a local weather station. Parametric insurance has wide-ranging applications,…

Managing the risks associated with workplace sexual harassment and misconduct around the world

Managing the risks associated with workplace sexual harassment and misconduct around the world

Managing the risks associated with workplace sexual harassment and misconduct around the world

Sexual abuse, harassment and misconduct continue to place higher up the political and social agenda globally, following a raft of allegations in ever-widening high-profile sectors. Increasing public awareness has burst the dam of secrecy, resulting in a tsunami of calls for greater transparency across many organisations and industries. As a consequence, corporate cultures must change to ensure appropriate safeguards are…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

The insurability of regulatory fines and penalties – an Asian snapshot

The insurability of regulatory fines and penalties – an Asian snapshot

The insurability of regulatory fines and penalties – an Asian snapshot

As regulatory and criminal investigations into companies and individuals continue apace across the globe, so does the exposure of those involved, and their insurers. Whether fines and penalties are insurable is a complicated issue in many jurisdictions. Focusing on Asia in this article, we set out below a snapshot of the current position in China, Hong Kong, Malaysia, Singapore and…

The right to be forgotten

The right to be forgotten

The right to be forgotten

The recent global focus on Facebook and Cambridge Analytica’s use of data and the forthcoming General Data Protection Regulation (GDPR) have thrown the spotlight on data and privacy issues. An important issue in this context is whether an individual has the right for that data to be removed or forgotten. A recent UK High Court ruling has found that individuals…

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Indonesia’s national oil company Petramina has stated that a ruptured undersea pipe was the cause of an oil spill on the island of Borneo that forced the local authorities to declare a state of emergency in the area. The spill started on Saturday in the port city of Balikpapan and claimed the lives of five fisherman when it ignited. Since…

China’s new banking and insurance regulator makes opening statement of intent

China’s new banking and insurance regulator makes opening statement of intent

China’s new banking and insurance regulator makes opening statement of intent

The new super regulator for China’s $42trn banking and insurance sectors has issued a strident opening statement, promising to widen the reform of both markets and open them up to more foreign investment, while also vowing to crack down on excessive financial risk and bad debt. Much of this crackdown will focus on banking activities such as shadow banking as…

New financial watchdog starts reign in South Korea

New financial watchdog starts reign in South Korea

New financial watchdog starts reign in South Korea

The newly installed head of the Financial Supervisory Services (FSS) in South Korea, Kim Ki-sik, has pledged to make every effort to ensure consumer protection and financial market stability as he began his reign this week. Mr Ki-sik, a long-time civic activist and former lawmaker, is the first ex-politician and shareholder activist to be appointed as head of the FSS…

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