In this edition of Asia Pacific – focus on insurance we include articles covering developments in Australia, China, Hong Kong and Indonesia.
Matt Ellis and Erica Leaman from our Melbourne office consider the rise of behavioural economics in the Australian market and the impact of the changing regulatory philosophy on insurers underwriting add-on products.
From China, we report on measures introduced by the China Insurance Regulatory Commission in relation to supervision of non-insurance subsidiaries of insurance companies and investment of insurance funds in preferred shares. We also consider the impact in Hong Kong on third party claims against insurers under the Contracts (Rights of Third Parties) Bill currently being considered by legislators.
James Parker from our Hong Kong office discusses the potential pitfalls for foreign insurers on exiting Asian joint ventures. The article considers complexities around regulatory and contractual issues and foreign ownership restrictions that need to be considered at the outset of a joint venture.
Finally, we take stock of the new insurance law in Indonesia which introduces a comprehensive regulatory framework as well as changes to the foreign ownership rules that is likely to have a substantial impact on the Indonesian insurance market.