Op Risk

CPS 230 means increasing focus on cyber risk for Australian insurers

February 8 2024

Insurers will need to focus on fourth and fifth party outsourcing as part of the new APRA standard.

APRA increases Auto & General capital requirement by AU$50m

January 30 2024

Following review, regulator mandates risk remediation program and increases capital requirement by AU$50m (US$33m).

Bigmotor scandal yet to dent Sompo share price as Group CEO exits

January 30 2024

Sompo accused of ‘valuing profits over customer interests’ by the FSA in a business improvement order.

sompo-holdings-chairman-and-group-ceo-set-to-resign-over-bigmotor-insurance-scandal

Sompo Holdings Chairman and Group CEO to resign over Bigmotor insurance fraud scandal - reports

January 23 2024

Kengo Sakurada to resign in wake of subsidiary Sompo Japan's involvement in Bigmotor insurance fraud case.

Sompo Japan to name Koji Ishikawa as President - report

January 22 2024

Ishikawa poised to succeed Giichi Shirakawa, who resigned in September amid questions over Sompo's handling of business partner Bigmotor Co.

fsa-to-issue-business-improvement-order-to-sompo-japan-over-bigmotor-fraud-reports

FSA to issue business improvement order to Sompo Japan - reports

January 16 2024

Watchdog to mandate Sompo improve operations after probe reveals internal process failures related to dealings with used car dealer Bigmotor Co.

Hong Kong regulator bans former technical representative for insurance certificate fabrication

January 12 2024

The former technical representative of a broker has been banned 4.5 years after admitting he falsified an insurance certificate.

2024 Regulatory Roadmap: Hong Kong and Indian insurers prepare for change

January 11 2024

Major regulatory changes will be limited in mature Asia Pac insurance markets in 2024 but carriers need to prepare for rules around the use of AI in their businesses

Hong Kong insurance complaints fall 10% in first nine months of 2023

December 21 2023

Insurance Authority data shows a 10% decrease in overall complaints for the first nine months of 2023, though there was a slight increase in conduct-related cases.

Japan's Bigmotor stripped of insurance agency licence over insurance fraud

November 24 2023

Bigmotor loses licence after investigations by Japan's Financial Services Agency on the company for a wide-reaching insurance fraud scandal.

Australian Securities and Investments Commission issues lifetime ban on former insurance broker

November 24 2023

Renato De Maria, former insurance broker and director of AIBS, receives permanent ban from the financial services industry following allegations of misappropriating AU$35m (US$29.97m) of client funds.

Ex-agents banned by Hong Kong IA over false academic certificates

November 22 2023

Two former insurance agents been banned by the Insurance Authority for three years after being found to have submitted false academic certificates to meet qualification requirements.

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