By Denis Brock Stuart Valentine KingandWoodMallesons’ Hong Kong Office The English High court’s decision in McManus & Ors v European Risk Insurance Co[i] indicates that the blanket notification of claims (or of circumstances which might give rise to a claim) is likely to be sufficient to trigger an insurance policy. It also highlights the need… Continue Reading
Category Archives: Insurance
Subscribe to Insurance RSS FeedCourt as gatekeeper – the transfer of long term insurance business in Hong Kong
Posted in Finance, InsuranceBy Denis Brock Stuart Valentine Jansy Man King and Wood Mallesons’ Hong Kong office The recent decision of Re AXA (Hong Kong) Life Insurance Co Ltd[i] highlights the Court’s role in the transfer of a Hong Kong long term insurance business. In this instance, the Court approved the intra-group transfer of AXA (Hong Kong) Life… Continue Reading
Not Your Average Assignment of Contracts: New Provisional Measures Governing Transfers of Insurance Business
Posted in InsuranceBy Yuan Min and Li Wenzhi King & Wood’s Insurance Group In order to regulate transfers of insurance business by insurance companies, the China Insurance Regulatory Committee (CIRC) recently issued the Provisional Measures on Administration of Insurance Business Transfers by Insurance Companies (the "Measures"), which will become effective on October 1, 2011. "Transfers of insurance… Continue Reading
保监会颁布保险公司保险业务转让管理暂行办法
Posted in Insurance作者：袁敏、力文智 金杜律师事务所保险组 为规范保险公司保险业务转让行为，保监会近日颁布了《保险公司保险业务转让管理暂行办法》（以下简称《办法》），并将于2011年10月1日正式实施。 保险公司的保险业务转让，是指保险公司在平等协商基础上将其经营的全部或者部分保险业务自愿转让给其他保险公司的行为。保险业务转让制度是保险市场退出机制的重要组成部分。经营有人寿保险业务的保险公司在被撤销或者破产情形下发生的保险业务转让，因偿付能力不足而被监管机构强制要求的保险业务转让，以及再保险业务，都不适用该《办法》。
The China Insurance Regulatory Commission has Announced that it will Pilot Allowing Insurance Funds to Invested in Affordable Housing Development Projects in Shanghai
Posted in InsuranceBy Yuan Min, Wang Jianzhao , and Kirby Carder, King & Wood Insurance Department, Beijing Office Last Sunday during a press conference held during the National People’s Congress, China Insurance Regulatory Commission (CIRC) Chairman Wu Dingfu announced that the CIRC is currently creating its policy for the use of insurance premium funds to invest government… Continue Reading
The China Insurance Regulatory Commission has Announced that it will Create a Pilot Insurance Exchange Project in Shanghai
Posted in InsuranceBy Yuan Min, Wang Jianzhao , and Kirby Carder, King & Wood Insurance Department, Beijing Office During a press conference held last week during the National People’s Congress, China Insurance Regulatory Commission (CIRC) Chairman Wu Dingfu annouced that the the CIRC will set up an insurance exchange in Shanghai as part of the Chinese government’s… Continue Reading
The China Insurance Regulatory Commission has Announced that it is Requiring its Local Offices to Issue Written Instructions for its Enforcement Staff to Reduce Illegal Activities in Bank Assurance Insurance Policy Sales
Posted in InsuranceBy Yuan Min, Wang Jianzhao , and Kirby Carder, King & Wood Insurance Department, Beijing On February 18th, 2011 the China Insurance Regulatory Commission ("CIRC") Chairman Wu Dingfu made an announcement that the CIRC will be focusing more attention on regulating bank assurance based insurance policy sales. He noted that insurance purchasers are being given… Continue Reading
The Shanxi Provincial China Insurance Regulatory Commission has Provided a Report on the Success of its Insurance Industry Transparency Project
Posted in InsuranceBy Yuan Min, Wang Jianzhao and Kirby Carder, King & Wood Insurance Department Recently, the Shanxi Provincial China Insurance Regulatory Commission ("CIRC") provided a report on the results of its insurance industry transparency project. The overall goal of the project was to promote the stable, secure, and sustained development of the insurance industry in Shanxi… Continue Reading
China Implements New Rules for Registering Foreign Representative Offices
Posted in InsuranceByYuan Min, Wang Jianzhao , and Kirby Carder, King & Wood Insurance Department, Beijing The State Council has ordered the Foreign Enterprise Representative Institution Registration and Administration Regulations (Order of State Council No. 584) (《外国企业常驻代表机构登记管理条例》) to come into force on March 1st, 2011. This new regulation alters the rules for a foreign insurance institution to… Continue Reading
Big Change in a Big Market – New PRC Insurance Regulation Potentially Hampers Investment Options
Posted in InsuranceBy: King & Wood’s Insurance Group This August, the Chinese Insurance Regulatory Committee disclosed its provisional measures on equity investments made by Insurance Funds (“Equity Investment Measures”). With the introduction of the new PRC Insurance law in October 2009, domestic insurance companies have begun making equity investments into private companies. The new Equity Investment Measures… Continue Reading
US Insurance Inquiry – Possible Fallout for China?
Posted in InsuranceBy Yuan Min, Partner, King & Wood’s Insurance Group Recently, the Associated Press reported that the New York State Attorney General has served subpoenas on two major multi-national life insurers as part of that office’s inquiry into those companies policies for paying death benefits to life insurance policyholders’ beneficiaries. This news comes after Bloomberg News… Continue Reading