Allianz unit rocked with fine

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According to the regulator, Allianz Life Bermuda failed to adequately comply with the regulations in various areas including systems, customer due diligence, and independent audit functions. The breaches and deficiencies were identified during an onsite review.

The BMA stated: “While the Authority found no evidence of money laundering or terrorist financing, the Authority required the company to remediate these findings within a prescribed time period; however, such remediation was not completed to the satisfaction of the Authority.

“The Authority views these breaches as serious because of their extent and duration, and because they demonstrated a weakness of the company’s controls

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HSBC to acquire AXA’s Singapore operations

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Describing the market as “strategically important”, HSBC noted that AXA Singapore is currently the eighth largest life insurance provider in Singapore, as well as the fifth largest P&C player. It had net assets of US$474 million, annualised premiums of US$85 million and GWP of US$739 million for the year ending December 31, 2020. Now, HSBC is confident that the business can scale up its presence with the deal and create the seventh largest life insurer and fourth largest retail health insurer with over 600,000 policies in-force covering life, health and P&C.

“This is an important acquisition that demonstrates our ambition

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Insurtechs feel brunt of Beijing’s crackdown

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The China Banking and Insurance Regulatory Commission (CBIRC) is intensifying its supervision of Chinese insurance technology firms, in a crackdown that has affected international investment in the booming market.

CBIRC ordered the insurtech companies and local authorities to curb improper marketing and pricing practices, as well as improve user data privacy safeguards, Bloomberg reported. While the regulator urged companies to address these issues voluntarily, it also said that non-compliant firms will face “severe punishment”.

Beijing’s efforts to rein in the financial technology sector are far-reaching, going beyond recent targeted actions against Waterdrop, Alibaba’s Ant Financial and several tech-focused businesses of

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