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Hong Kong Regulatory Insurance Update February 2023
In this February 2023 edition of Regulatory Insurance Update, the Hong Kong Corporate & Commercial Team provide the latest updates relating to the law and regulations, developments, and news in the insurance industry in Hong Kong.
The new Consumer Duty and the impact on brokers
The FCA’s new Consumer Duty is due to come into force this July, as noted in our report 'Insurance forecast 2023: claims trends and future risks'. The Consumer Duty will have a significant impact on insurers and insurance intermediaries. This article specifically focusses on the impact of the new Consumer Duty on insurance brokers.
Insurers to indemnify for bulk notifications of a “problem”
In Uniting Church in Australia Property Trust (NSW) v Allianz Australia Insurance Limited, the Federal Court of Australia ruled that the insured Plaintiff was entitled to indemnity by relying on a bulk notification of a “problem”. This decision confirms several important principles related to the notification of circumstances in Australia.
Case review 2023-03-06
The widening of a lawyer’s duties to third parties? Ashraf v Lester Dominic Solicitors & Ors considered
There were several interesting cases in 2022 which considered the scope of a lawyer’s duties. 2023 began in a similar vein, with an interesting case in the Court of Appeal around a lawyer’s duties to third parties: Ashraf v Lester Dominic Solicitors & Ors.
SuDs – the long wait for implementation is over
After a delay of 13 years, mandatory sustainable drainage systems (SuDs) in new developments will be implemented via Schedule 3 of the Flood and Water Management Act 2010 (Schedule 3) in 2024.
The future of construction adjudication
More than 25 years after the introduction of mandatory construction adjudication, we consider its future in light of a recent report by King’s College London.
Hong Kong Regulatory Insurance Update January 2023
In this January 2023 edition of Regulatory Insurance Update, the Hong Kong Corporate & Commercial Team provide the latest updates relating to the law and regulations, developments, and news in the insurance industry in Hong Kong.
Play nice with AFCA… or else
ASIC v General Commercial demonstrates that, in circumstances of significant contraventions, AFCA will refer licence holders to ASIC for investigation and a successful prosecution can result in the imposition of considerable penalties and restraints.
Insurance forecast 2023: claims trends and future risks
Drawing on our experience across various risks, this 2023 insurance forecast report highlights some of the key trends that we anticipate will shape the insurance agenda for 2023 and beyond.
Kennedys appointed to core Aviva UK GI claims legal panel following a strategic review
Aviva has announced the conclusion of the first comprehensive review of its defendant legal panel in 10 years.