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China Taiping Insurance Singapore launch life biz; HK regulator fines FWD Life

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.

Fines and regulatory news

* The Securities and Futures Commission of Hong Kong fined FWD Life Insurance Co. (Bermuda) Ltd. with HK$2.4 million for failing to have at least two key personnel with at least five years of investment experience to manage its public funds from December 2012 to November 2016.

* Pakistan's Securities and Exchange Commission issued directives to the country's insurance sector for protection against cyberattacks. The regulator noted that the probability of cyber risk is higher due to increased reliance on technology for business operations and the expansion of financial technology, the Dawn reported.

Partnerships, expansions and more

* China Taiping Insurance (Singapore) Pte. Ltd. launched its life insurance business in the city-state. The insurer obtained its license to engage in life insurance and general insurance business in August 2018, The Business Times reported.

* POP Insurance Holdings Pty. Ltd. and Allianz Global Corporate Specialty launched an Asia-Pacific-focused managing general agent called Fusion Specialty M&A MGA.

* Singapore's AXA Insurance Pte. Ltd. has partnered with online marketplace Carousell Pte. Ltd. to enable users to buy secondhand car and motorcycle insurance coverage on the latter's app.

In other news

* New China Life Insurance Co. Ltd. said it is "under normal operation and management" ahead of the election of a new session of its board of directors, in a statement following media reports that its chairman had stepped down.

* Fitch Ratings expects Malaysia's takaful segment to benefit from the government's push for affordable insurance and higher insurance penetration, particularly as Muslims dominate the country's population.

* Three Sisters, the family office of Yes Bank Ltd. cofounder Rana Kapoor, is in talks to buy a large stake in Aviva Life Insurance Co. India Ltd. held by Dabur Invest Corp.

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