China – Gov’t loosens rules on foreign players in insurance & banking sectors
China has decided to further open up its insurance and banking sectors to foreign investors by revising related regulations. Revisions to the regulations on foreign-invested insurance and banking firms have been authorized by the State Council, according to a government statement issued October 15 and reported on by Xinhua News Agency. The revisions include improving the supervision of foreign banks’ local branches and lifting previous restrictions on company establishment, shareholder status and business expansion. Foreign players can establish branches and wholly foreign-owned banks at the same time in the Chinese mainland, as well as setting up branches and Sino-foreign joint ventures simultaneously. As for insurers, the revised regulations said that specific management measures “shall be formulated by the insurance regulatory authority under the State Council in accordance with the principles of these Regulations”. The new rules take effect immediately. (Asia Insurance Review)
Russia – Insurance and Reinsurance Laws & regulations
If you do any insurance in Russia this link will help you understand the regulatory, reinsurance claims, litigation, arbitration plus much more including types of compulsory insurance. https://iclg.com/practice-areas/insurance-and-reinsurance-laws-and-regulations/russia
South Korea – South Korea is developing rules to insure autonomous cars
The South Korean government will review road traffic rules and create transport infrastructure for the introduction of autonomous vehicles, as well as develop a system of insurance and liability for the drivers of such vehicles. The rules are expected to enter into force in 2024. Recently, South Korea announced plans to accelerate the introduction of electric vehicles, self-propelled vehicles and even flying cars to help and revitalize its economy. President Moon Je-In has indicated that Korean companies will invest 60 trillion in new modes of transport. South Korean Won ($ 50 billion) over the next decade. He promised the government would allocate 22.2 trillion. It is about developing high technology and thus laying the groundwork for building a new infrastructure for rookies. The plans are for 2027 to be fully operational for autonomous vehicles - 3 years earlier than originally set. According to the South Korean president, electric and hydrogen-fueled cars will hold 33% of vehicles sold in 2030. A law will be introduced in South Korea in May 2020 that will encourage the consumer entry of autonomous cars. (Insmarket)
United Kingdom – UK Regulation Updates
The British Insurance Brokers’ Association (BIBA) issues Regulation Updates on a regular basis to alert members to regulatory developments – from the publication of FCA papers to clarity on rule interpretation.