Our Asia insurance regulatory tracker for the first quarter of 2018 is attached. It includes updates on the introduction of an insurance levy in Hong Kong, a consultation on agency recruitment incentives in Singapore, and new measures in relation to the use of insurance funds in China.
The General Insurance Association of Singapore (GIA) has introduced new rules on the payment of premiums in a bid to reduce claim disputes between customers and insurers. The rules require premiums to be paid to insurers or intermediaries on or before the inception date or renewal of the policy. If full payment is not made
Over the past few years the taxi industry has undergone a complete transformation. This has, in part, been fuelled by the growth in popularity of apps such as Uber and GrabTaxi, both mobile apps which allow customers to hail a third party privately owned vehicle for use as a taxi. The growth of Uber and
Background On 11 May 2015, the Monetary Authority of Singapore (Amendment) Bill (the Bill) passed its second reading in Parliament. The Bill will empower the Monetary Authority of Singapore (the MAS) to combat money laundering and terrorism financing more efficiently through a combination of centralised due diligence requirements, enhanced ongoing supervision and inspection powers, and
Background Following the Financial Advisory Industry Review (FAIR) of the financial advisory market in 2013, it was accepted by the Monetary Authority of Singapore (MAS) that improvements should be made to the level of professionalism of financial advisors and to the efficiency from consumers’ perspective of the life insurance and investment product market. This year