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China scraps foreign ownership cap in insurance JVs; RHB Insurance sale canceled


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China scraps foreign ownership cap in insurance JVs; RHB Insurance sale canceled

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

Regulatory developments and updates

* The China Banking and Insurance Regulatory Commission said the limits on foreign ownership in life insurance joint ventures will be canceled from Jan. 1, 2020, which would eventually allow overseas funds to own 100% of life insurance ventures, China Banking News reported.

* The Insurance Regulatory and Development Authority of India issued an order that seeks to improve loss prevention and loss minimization practices in the general insurance industry.

* IRDAI also said it would allow insurers to invest in debt exchange-traded funds with underlying debt securities of Central Public Sector Enterprises.

Deal terminations

* AUB Group Ltd.'s deal to acquire Pemba Capital Partners Pty. Ltd.'s interest in Sydney-based insurance broker Coverforce Holdings Pty. Ltd. has been terminated due to the failure of delivery of due diligence material to the Australian insurance broker.

* Malaysia's RHB Bank Bhd. will not proceed with the proposed sale of its 94.7% equity interest in subsidiary RHB Insurance Bhd. to Tokio Marine Asia Pte. Ltd.

Expansions, ventures and more

* Australia's Nib Holdings Ltd. has partnered with U.S.-based Cigna Corp. to set up a healthcare data science and services company. Both companies will contribute A$10 million each in startup funding for the joint venture.

* Singapore-based Singsaver Pte. Ltd. has secured a brokerage license from the Monetary Authority of Singapore to offer more than 100 insurance policies from 12 providers on its platform, The Straits Times reported.

* AIA Group Ltd. will team up with AYA Financial Group and Max Myanmar Group to set up its life insurance venture in Myanmar, Insurance Business reported.

In other news

* Moody's said the outlook for the global life insurance sector in 2020 is stable, as low interest rates continue to challenge the industry.

* Taiwan-based Yuanta Life Insurance Co. Ltd. secured the rights to develop a land parcel in Taipei after offering to pay NT$5.33 billion during an auction, the Taipei Times reported.

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