All posts tagged "insurance"
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237Capital RegulationMalaysia: BNM Enhances Financing Facilities for SMEs
BNM is allocating an additional 4 billion ringgit to its financing facilities for SMEs and lowering interest rates to help them sustain their operations and preserve jobs.
March 30, 2020 -
508ChinaCBIRC Issues New Rules for Insurers’ Asset Management Products
Insurance asset management products may not invest more than 35% of net assets in shadow banking assets, and may not invest in commercial banks' credit assets directly.
March 27, 2020 -
436EnforcementMAS Bans Six Individuals for Fraud and Dishonest Conduct
The first five individuals abused their clients' trust for their personal gain and the last evaded taxes. All six also received prison sentences.
March 20, 2020 -
442Australia & NZRBNZ Estimates Cyber-attacks Cost Financial Sector NZ$144m Annually
More extreme events have a low probability but are still plausible, illustrating the importance of managing cyber resilience effectively, the RBNZ says.
February 26, 2020 -
745AML / KYCHong Kong Insurance Authority Allows Non-face-to-face Product Sales
The temporary measures are aimed at reducing the risk of Covid-19 infection from face-to-face meetings between insurers, intermediaries and clients.
February 25, 2020 -
376Australia & NZAustralia: Preparing for the Financial Accountability Regime
An essential first step to prepare for the FAR is for organisations to clarify internal lines of accountability, says APRA's Helen Rowell.
February 21, 2020 -
382EnforcementTaiwan FSC Fines Cathay Life for Lax Sales Controls
Cathay Life failed to improve its internal controls for sales agents and its insurance underwriting mechanism despite complaints from 14 customers.
February 20, 2020 -
491Australia & NZAustralia Passes Bills to Enhance Consumer Protections, Strengthen ASIC
The bills introduce a best-interests duty for mortgage brokers, ban unfair contract terms in insurance, and enable ASIC to more effectively enforce existing laws.
February 10, 2020 -
383Singapore
MAS Proposes New Requirements for Insurers Managing Par Funds
Among the new requirements introduced for insurers is an obligation to ensure that any charge or expense allocated to the Par Fund is "fair and reasonable".
February 7, 2020 -
320Australia & NZAMP Ordered to Pay A$5m Penalty for Insurance Churn
A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.
February 6, 2020
