Welcome to the quarterly edition of the Baker & McKenzie Asia Pacific Insurance Newsletter. In this issue we present major regulatory developments in the region:
- Indonesia's new fit and proper test regulation for financial services is going to affect insurers.
- Japan's Amended Insurance Act comes into force, establishing basic insurance rules and placing more responsibility on insurance solicitors to establish proper business management.
- Malaysia's Prohibited Conduct PD stipulates business practices that banks, insurers and other financial services providers should avoid.
- Singapore issues new guidelines on the use of cloud services, covering the removal of pre-notification requirements and guiding examples of outsourcing arrangements.
- Taiwan introduces amendments to rules regarding the supervision of insurance solicitors and derivatives transactions.
- Thailand's OIC is actively exploring the possibility of liberalizing the country's insurance industry, with a focus on market access, market expansion and deregulation.
- Vietnam amends its 10-year-old insurance regime with Decree No. 73, which provides a comprehensive scope of the legal aspects of insurance, particularly in relation to finance and investment.