Op Risk – (Re)in Asia

Op Risk

australian-federal-court-rules-in-favour-of-auto-general-in-asic-legal-battle-over-policy-terms

ASIC starts legal action against QBE over misleading pricing

October 23 2024

Customers were promised discounts for their loyalty when renewing their policies, ‘which they didn't receive’ alleges the regulator.

APRA warns on the risk from outsourced underwriting

October 17 2024

Australian regulators are introducing the Financial Accountability Regime (FAR) and CPS 230 in 2025.

new-giaj-chairman-says-blunted-sense-of-risk-a-root-cause-of-compliance-failures

New GIAJ Chairman says "blunted sense of risk" a root cause of industry operational failures

September 23 2024

Hiroaki Shirota pledges reforms and restoration of trust following industry scandals which have weighed heavily on Japan's non-life industry.

giaj-tells-japanese-non-life-insurers-to-set-clear-deadline-to-offload-strategic-shareholdings

GIAJ tells Japan's non-life insurers to set clear deadlines for offloading of strategic shareholdings

September 20 2024

Amid regulatory pressure to reduce conflicts of interest, GIAJ sets new guidelines calling for clear timeframes on divestment of cross-held shares.

apra-outlines-plan-to-close-australias-household-insurance-protection-gap

APRA outlines plan to help close Australia’s household insurance protection gap

August 28 2024

In its 2024-2025 corporate plan, the regulator emphasises the need for collaboration to improve affordability and strengthen the insurance industry’s resilience.

over-2-million-customer-records-leaked-in-seconded-employee-data-breach-cases-report

Over 2 million customer records leaked in Japan seconded employee data breaches: Report

August 28 2024

Japan's non-life insurers set to report to Financial Services Agency within the week over significant unauthorised sharing of rival data.

ASIC targets insurance misconduct as complaints soar and climate risks intensify

August 23 2024

The watchdog names insurance misconduct as a priority for the year ahead.

fsa-directs-major-japanese-insurers-to-report-on-data-breaches-by-on-loan-employees

FSA orders major Japanese insurers to report on data breaches involving seconded employees

July 24 2024

Japan's non-life insurers again facing scrutiny after employees on loan to agencies share policyholder information with their primary employers.

japans-major-non-life-insurers-identify-65000-fraudulent-claims-made-by-bigmotor-report

Japan's major non-life insurers identify 65,000 fraudulent Bigmotor claims - report

July 23 2024

Four major non-life insurers review claims spanning eight years, reportedly finding 30% of 236,000 claims to be fraudulent.

IRDAI may adopt risk-based supervision model for insurance sector - report

July 16 2024

At HDFC Life's AGM, Chairman Keki Mistry suggested the regulator might consider adopting the model.

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