Market Infrastructure

Philippines to Establish Facility for Catastrophe Risk Sharing

28/02/2021

Domestic insurers that provide catastrophe risk coverage currently reinsure their risks overseas. The new facility will enable insurers to pool risk and resources domestically.

India Allows Private Banks to Conduct Government Business

28/02/2021

Since 2012, payments for tax, pensions and other government business have largely been channelled through public sector banks.

Capital / Liquidity

RBI Exempts Foreign Sovereign Exposure from LEX Framework

27/02/2021

Exposures to foreign sovereigns or their central banks that are subject to a zero percent risk weight will be exempted from the large exposures framework.

Fintech / Regtech

FSC Korea Issues ‘MyData Services’ Guidelines Ahead of August Launch

27/02/2021

The guidelines require participating firms to ensure consumers have sufficient awareness of their privacy rights when consenting to data transfers.

Enforcement

ASIC Files Charges Against Allianz, AWP Over False Advertising

27/02/2021

Allianz faces a maximum penalty of A$8mn for each of seven charges for making false or misleading statements regarding the sale of travel insurance products.

Enforcement

ASIC Commences Legal Proceedings Against NAB Over Unlawful Fees

27/02/2021

ASIC says NAB charged some customers periodic payment fees when they were entitled to an exemption, and charged other customers the wrong fee.

Korea FSS to Issue New Risk Management Guidelines for Insurers

26/02/2021

South Korean insurers recorded a combined loss of KRW 194.4 billion from overseas alternative investments due to the pandemic.

Market Infrastructure

BOT to Issue First THOR-linked Floating Rate Bond in March

26/02/2021

Institutional investors such as commercial banks, mutual funds, and insurance companies will be allowed to participate in the auction.

Capital / Liquidity

FSB Work Plan to Focus on Addressing Covid Vulnerabilities

26/02/2021

The FSB says it will produce an assessment of initial lessons learned from the pandemic and a report on the factors needed for an orderly unwinding of support measures.