Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong is to continue to receive preferential treatment under the China Risk Oriented Solvency System (C-ROSS), allowing lower capital requirements for mainland insurers that cede business to qualified Hong Kong professional reinsurers. The China Banking and Insurance Regulatory Commission (CBIRC) said the continuation of the preferential treatment “has played a positive role in promoting the prosperous development of, and…

ICA welcomes new approach on building standards but more needed

ICA welcomes new approach on building standards but more needed

ICA welcomes new approach on building standards but more needed

The Insurance Council of Australia (ICA) has welcomed an agreement reached between the states and territories, allowing the Australian Building Codes Board (ABCB) to implement a nationally consistent set of building standards, describing it as a “step in the right direction”. However, ICA CEO Rob Whelan added that action is now “urgently required” to restore confidence in the building and…

Will diesel emissions fuel a rise in personal injury claims?

Will diesel emissions fuel a rise in personal injury claims?

Will diesel emissions fuel a rise in personal injury claims?

Evidence of the harmful effects of diesel emissions is growing, resulting in it being likened to another toxic ‘timebomb’. These developments are likely to require corporates and their insurers to reconsider their approach to this developing risk. A new inquest into the passing of a child who died from asthma was recently ordered, following evidence that the death may be…

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

The Indian government has announced that it plans to allow 100% foreign direct investment (FDI) in insurance intermediaries. Finance Minister Nirmala Sitharaman said the government will examine suggestions of further opening up of FDI in sectors, including insurance, and will also permit 100% FDI for insurance intermediaries, according to a report in The Hindu Business Line. FDI in the sector…

Don’t let the bed bugs bite!

Don’t let the bed bugs bite!

Don’t let the bed bugs bite!

Bed bugs have been around since the dawn of time; originally, they were using bats as hosts and began feeding on humans while we were still living in caves. They were a common sight in the pre-insecticide era, where it is estimated they were resident in 30% of households. Recent years have seen species migrating northwards as temperatures increase. While…

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

A leading lawyer has named Germany, the US and Australia as the three jurisdictions where companies are most likely to face future climate-related litigation. Neil Beresford, a Clyde & Co partner in London, also warned that while such litigation around the world is mostly focused on energy companies and their use of petroleum, other sectors will likely be in the…

Automation and digitalisation in shipping: a lack of standardisation and regulation?

Automation and digitalisation in shipping: a lack of standardisation and regulation?

Automation and digitalisation in shipping: a lack of standardisation and regulation?

The shipping industry has recently seen a large number of exciting and futuristic proposals for automated and digital innovations. The intention is to increase efficiency, reduce costs, save time and promote safety at sea. The increasing number of automation and digitalisation solutions should lead to a corresponding increase in standardisation and regulation. However, this will take some time to achieve…

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

Offshore oil and gas companies that operate off the shores of New Zealand will be required to hold higher levels of insurance to ensure they can cover the cost of environmental damage, under proposed new rules announced by associate minister for transport Julie Anne Genter. The New Zealand Cabinet has agreed to consult on increasing the amount of insurance that…

Chinese insurance supervisor issues draft regulations for brokers

Chinese insurance supervisor issues draft regulations for brokers

Chinese insurance supervisor issues draft regulations for brokers

The China Banking & Insurance Regulatory Commission (CBIRC) has circulated an industry draft paper on the regulation of insurance intermediaries that in some respects will make it easier for international brokers to enter the huge Chinese insurance market, but at the same time will tighten the requirements for those eligible to apply. Michael Cripps of leading international insurance law firm…

Insurers may fight claims from Australia’s financial services scandal

Insurers may fight claims from Australia’s financial services scandal

Insurers may fight claims from Australia’s financial services scandal

The insurance industry could face large losses from the Australian Royal Commission’s probe into misselling in the country’s financial services sector, but coverage disputes are likely, according to experts. Widespread misconduct in the financial services market has dominated the news in Australia. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct…

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