Policy and regulation
The Insurance Regulatory and Development Authority of India introduced a "use and file" procedure that would allow general insurers to launch products without seeking prior approval from the regulator, The Times of India reported.
The China Banking and Insurance Regulatory Commission said it would impose heavy punishments on insurers that use funds in connected transactions in violation of laws and regulations, China Securities Journal reported.
Life and health
Life Insurance Corp. of India logged profit of 23.72 billion Indian rupees in the quarter ended March 31, down from 28.93 billion rupees in the prior-year quarter, Reuters reported. The company's net premium income jumped year over year to 1.44 trillion rupees from 1.22 trillion rupees.
Monument Re Ltd. agreed to acquire the closed book portfolio of Zurich International Life Ltd.'s long-term life insurance business in Singapore. Zurich International Life Singapore's branch portfolio and employees will transfer into Monument International Life Assurance Co. Ltd.'s new branch in Singapore following the receipt of court and regulatory approvals in the Isle of Man and Singapore.
AIA China secured approval from the China Banking and Insurance Regulatory Commission to start preparations to establish a new branch in Henan province, which will begin operations following the receipt of final regulatory approvals, Asia Insurance Review reported.
The Financial Supervisory Commission of Taiwan ordered insurers to pay valid claims on COVID-19 insurance policies after lawmakers criticized insurers for dismissing claims, canceling policies and delaying payouts amid a surge in coronavirus cases, Bloomberg News reported. Taiwanese insurers have already paid out NT$2.6 billion to customers in 2022, compared to the NT$2.1 billion revenue they received from premiums.
Nib Holdings Ltd. said it will further postpone the premium increase for its Australian Residents Health Insurance members until Nov. 1 amid the COVID-19 pandemic. The implementation of the approved increase, which averages 2.66%, was earlier delayed for five months from April 1.
Multiline
FWD Group Management Holdings Ltd. will delay its planned US$1 billion initial public offering in Hong Kong due to volatility in financial markets as a result of the conflict in Ukraine and rising interest rates, Reuters reported, citing sources with knowledge of the matter.
Dajia Insurance Group Co. Ltd. is looking to cash in on surging travel demand through a potential sale of some of its luxury hotels, which could include the Montage Laguna Beach in California and Four Seasons resorts in Wyoming and Arizona, Bloomberg News reported. The three properties could bring in more than $1 billion.
BNP Paribas Cardif SA intends to increase its market activity in developing economies, particularly in Southeast Asia and Latin America, Les Echos reported. The company is looking at opportunities in life, consumer lending and damage insurance, according to managing director Pauline Leclerc-Glorieux.
Tune Protect Malaysia, the general insurance arm of Tune Protect Group Bhd., named Jubin Mehta CEO, effective May 5, Fintech Malaysia reported.
Property and casualty
The Financial Services Commission of South Korea will likely conclude its review and finalize its decision related to Shinhan Financial Group Co. Ltd.'s acquisition of BNP Paribas Cardif General Insurance by June 8, with a high possibility of the plan getting approved, The Korea Times reported, citing sources.
Ng Yu resigned as the chairman and executive director of Target Insurance (Holdings) Ltd., effective May 27. Following the resignation, independent nonexecutive director Yu Cho Tak became Target Insurance's authorized representative.
Tower Ltd. has agreed to acquire and assume TSB Bank Ltd.'s rights and obligations related to a TSB-branded insurance portfolio for NZ$5.2 million in a transaction expected to complete July 1.
The Reserve Bank of New Zealand confirmed its decision to reduce the required minimum solvency margin for Tower to NZ$15 million from NZ$25 million. Tower's minimum solvency margin was reduced to NZ$25 million from NZ$50 million in March 2021.
The Board of the Office of Insurance Commission in Thailand temporarily suspended the sale of Phutthatham Insurance PCL's nonlife insurance policies, effective May 27, due to the insurer's failure to meet minimum capital requirements and unstable financial position, Krungthep Turakij reported.
Aioi Nissay Dowa Insurance Co. Ltd. will form a capital and business alliance with West Holdings through share acquisition, The Nikkei reported. The size of the investment is estimated to be several hundred million yen. Aioi Nissay Dowa and West Holdings also intend to use nationwide power generation data to co-develop new insurance products for solar power customers.
Lin Zhiyong, former party secretary and chairman of PICC Property and Casualty Co. Ltd., is under discipline inspection over suspected serious violation of laws and disciplines, according to China's Central Commission for Discipline Inspection.
Reinsurance
Estimated insured losses arising from the flood in southeast Queensland and northern New South Wales earlier in 2022 reached A$4.3 billion across 216,465 claims as of May 31, according to the Insurance Council of Australia.
Peak Reinsurance Co. Ltd. secured $150 million of retrocessional reinsurance coverage against losses from Japanese typhoons through the Black Kite Re Ltd. series 2022-1 catastrophe bond, Artemis reported.
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