Op Risk

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.

towers-refund-costs-for-discount-errors-soar-to-nz11-2m

Tower's refund bill for discount miscalculations rises to NZ$11.2m

November 15 2023

CEO apologies after expected remediation costs for multi-policy discounts errors increases from NZ$6.2m (US$3.7m) to NZ$11.2m (US$6.7m).

surge-in-insurance-fraud-hits-historic-high-in-south-korea-report

South Korean insurance fraud hits historic high in H1 2023: Report

November 14 2023

Insurance fraud surges 21.8% in first half of the year, with a spike in cases involving industry professionals and organised crime.

hong-kong-insurance-authority-enforces-five-year-ban-after-premium-misappropriation

Hong Kong Insurance Authority bans agent for five years after premium misappropriation

November 7 2023

An insurance agent has been banned after misappropriating premiums and mishandling client money in two separate instances.

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