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Samsung Life may face probe; BoCommLife sets up asset management unit

S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Regulatory actions and branch operations

* South Korea's Financial Supervisory Service, or FSS, will initiate an investigation into Samsung Life Insurance Co. Ltd. if the insurer fails to compensate policyholders over service fees not mentioned in its annuity contracts, the Korea JoongAng Daily reported.

* Taiwan's Financial Supervisory Commission may impose a fine of NT$12 million on Nan Shan Life Insurance Co. Ltd. for lapses in internal controls after a portfolio manager allegedly manipulated stock prices, Taipei Times reported.

* The China Banking and Insurance Regulatory Commission approved BoCommLife Insurance Co. Ltd.'s plan to set up an asset management unit. The Shanghai-based subsidiary is expected to have a registered capital of 100 million yuan.

* Qatar Reinsurance Co. Ltd. closed its branch in Singapore, effective July 20. The company is working with all stakeholders to ensure the orderly administration of existing business written from the branch.

Deals and acquisition

* Australia-based Ensurance Ltd. agreed to off-load the entire issued capital in retail brokerage business Savill Hicks Corp. Pty. Ltd. to SHC Insurance Holding Pty. Ltd. for a total consideration of A$4.1 million.

* Australia's Cover-More Group Ltd. has acquired Blue Insurance's operations and websites in the U.K. and Ireland in a deal reportedly valued at about €70 million, the Irish Independent reported.

* The China Banking and Insurance Regulatory Commission approved an investment by a JD.com Inc. affiliate into German insurer Allianz Group's China property and casualty unit.

In other news

* AIA Insurance Lanka PLC announced plans to delist from the Colombo Stock Exchange as its parent company, AIA Group Ltd., is already listed on the Hong Kong stock exchange.

* China Taiping Insurance Holdings Co. Ltd. expects to report an approximately 120% year-over-year increase in profit attributable to shareholders for the first half of the year.

* South Korea's Hana Financial Group Inc. will invest 50 billion won in its unit Hana Life Insurance Co. Ltd. by purchasing new shares, Yonhap News Agency reported.

* Bao Viet Holdings has ranked first among insurance companies in Vietnam with a revenue of more than 9.9 trillion Vietnamese dong for the first half ended June 30, Viet Nam News reported.

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