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Chinese online insurer files for US IPO; Australian regulator sues Medibank

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 require a subscription.

Deals, IPOs and more

* China-based online insurer Huize Holding Inc. filed with the U.S. Securities and Exchange Commission for an IPO of its American depositary shares. The offering has a proposed maximum aggregate price of US$150 million.

* IDBI Bank Ltd. said it plans to divest its stake in insurance joint venture IDBI Federal Life Insurance Company Ltd., Mint reported.

* Australia's PSC Insurance Group Ltd. obtained approval from the U.K. Financial Conduct Authority for its acquisition of U.K.-based Paragon International Holdings Ltd.

* A potential sale is one of the options that AXA SA and Kuala-Lumpur based AFFIN Bank Bhd. are considering for their life and general insurance business in Malaysia, Bloomberg News reported.

Regulatory developments

* The Australian Competition and Consumer Commission started proceedings in the federal court against Medibank Pvt. Ltd. over allegations that the insurer violated the country's consumer law through making false representations about benefits covered by its health insurance policies.

* Suncorp Life & Superannuation Ltd. paid about A$1.4 million in compensation to more than 4,000 clients of GuardianFP Ltd.

Products and operations

* Japanese insurer T&D Insurance Group, through subsidiary T&D United Capital Co. Ltd., will become a shareholder of Paris-based alternative asset management and investment group Tikehau Capital as part of a business and capital alliance between the companies.

* Lloyd's Syndicate - 1200 (Argo Managing Agency Ltd.) plans to exit underwriting operations in Asia owing to "unsustainable" combined ratios for the business.

* DBS Bank (Taiwan) Ltd. and Chubb Ltd.'s Taiwan unit has launched a new type of insurance to cover accidental damage to old mobile phones, Taipei Times reported.

* Prudential Singapore Holdings Pte. Ltd. raised the age limit for group medical coverage for employees of its corporate clients and its own 1,200 staff from 69 to 100. It also hiked the maximum age coverage for its group term life, accidental death and dismemberment and major medical plans to a range of 70 to 74 years old, up from 64 to 69 years.

In other news

* India's general insurance market value is tipped to grow to 2.9 trillion rupees in 2022 from 1.6 trillion Indian rupees in 2017, according to a study by GlobalData, Insurance Business reported.

* JKL Partners Inc. plans to boost Lotte Insurance Co. Ltd.'s capital by 375 billion won after it receives regulatory approval to acquire the nonlife insurer from South Korea's Lotte Group, The Chosun Ilbo reported.