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Welcome to the quarterly edition of the Baker McKenzie Asia Pacific Insurance Newsletter. In this issue, aside from presenting major insurance regulatory developments in the region, we also formally launch our new product Top 10 Issues to consider in a regional bancassurance deal and the 2016 edition of the Asia Pacific Regulatory Landscape and Issues in Bancassurance.

  • China issues circulars on the proposed product self-registration regime for property insurance companies and guarantee insurance business on internet platforms
  • Hong Kong introduces bill to establish a legal framework to implement the new international standard for automatic exchange of financial account information in tax matters and publishes a set of Q&A providing clarifications on a number of GN16 provisions
  • Indonesia issues first specific regulation on insurance products and first regulation on the dissolution, liquidation and bankruptcy of insurance companies
  • Japan's Life Insurance Association to consider the Financial Services Agency's request to improve the transparency of the commissions of bancassurance to be paid to banks
  • Malaysia issues concept papers on corporate governance and shareholder suitability and is currently seeking feedback for both papers
  • Philippines sustains invalidity of claims control clauses and issues guidelines for the establishment of branch offices outside the Philippines of domestic insurance companies
  • Singapore's MAS seeks to complete implementation of OTC derivatives trade reporting regime by introducing a phase-in approach and fines 10 financial advisory firms SGD1 million for anti-competitive behavior
  • Thailand publishes the Insurance Development Plan (Vol. 3) for 2016 to 2020 and announces notification on criteria and procedures for increasing foreign shareholding and directorship proportions
  • Vietnam issues new circular on universal life insurance products provided for life insurers and proposes operations of insurance market for 2016
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