The parent's proposed CNY15bn (US$2.2bn) state injection, part of a broader CNY70bn package, underpins the change, though S&P affirmed the reinsurer's 'A-' ratings.
CPPIC and a Lloyd's syndicate stand behind a single policy the broker calls a world first, spanning departure, quarantine and continuing annual mortality protection.
The partners say the policy is Australia's first pay-per-kilometre rideshare cover, pairing a fixed private-use premium with one linked to distance driven on Uber.
The Cologne-based executive takes charge of underwriting strategy across Europe, Asia and Australia, stepping up from the insurer's German underwriting operation.
The penalty relates to ICICI Lombard's failure to document ₹7.10bn (US$75.1m) of sales, marketing and business support spending in FY2019, part of which went to agents of other insurers.
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