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Welcome to the 20th edition of the Asia Pacific Insurance Newsletter.

This edition covers insights, pertinent insurance-specific legal issues and significant regulatory developments in Australia, China/Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, Taiwan and Vietnam.

If you missed earlier editions of this newsletter, you can access our newsletter archive, insurance guides and other legal alerts on the Asia Pacific Insurance page.

Australia

  • Recent Reforms

China and Hong Kong

  • CBIRC supports foreign reinsurers to increase investment in China
  • Three-year property insurance industry action plan unveiled in China
  • “Opinions on Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area" and the implementation plan promulgated by the Guangdong government
  • National Security Law in Hong Kong
  • Implementation Rules for Article 43

Indonesia

  • Reminder of certain Indonesian deadlines
  • The OJK issues several regulations to address several industry concerns due to the COVID-19 situation in Indonesia
  • The OJK issues a draft regulation on information technology integrated risk management The OJK sets a new unwritten policy on directors' and commissioners' fit and proper test criteria

Japan

  • Stewardship Code: 285 institutional investors signed up to the Principles for Responsible Institutional Investors

Malaysia

  • New policy documents for insurers
  • Public consultation paper (PCP) on the review of the Personal Data Protection Act 2010 ("PDPA")

Philippines

  • Philippine Insurance Commission issues guidelines governing the regulatory sandbox framework for insurance technology innovations

Singapore

  • MAS proposes new omnibus act for a financial sectorwide regulatory approach
  • Information Paper: Enhancing Robustness of Enterprise-Wide Risk Assessment on Money Laundering And Terrorism Financing

Taiwan

  • Guidelines governing the cross-industry collaboration of insurance enterprises, insurance agent and insurance broker in soliciting the associated insurance policy
  • The draft amendment of Regulations Governing Online Insurance Business and Online Insurance Services of Insurance Agent Companies and Insurance Broker Companies

Vietnam

  • Vietnam's commitments under the EV-FTA for the insurance business sector
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