Allianz transforms China joint venture into wholly owned entity

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Allianz China Life Insurance has received approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission to become the first wholly foreign-owned life insurance company in China developed from a joint venture.

Yesterday, the regulator approved Allianz’s request to transfer the 49% shareholdings of former joint venture partner CITIC Trust to Allianz China Holding, the German insurance giant’s fully owned insurance holding firm. Allianz China bought out CITIC Trust’s shares in February for an undisclosed sum.

“We are very pleased to receive the approval to be the first wholly foreign-owned life insurance company in

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Instant payments and why their is a need for standardisation

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For businesses, instant payments offer the potential to reduce late payments and improve cash flow. From a consumer perspective, payments can be made or received easily and safely in seconds.

  Instant payments: the need for standardisation

For example, when paying online or transferring funds to a friend via a person-to-person payment. For the most part, however, widespread deployment of instant payments, or Real-Time Payments (RTPs) are still a work in progress with implementations at different stages in different regions, writes  Arnaud Crouzet, VP Security & Consulting at Fime.

In 2020, instant payments surged globally by 41%, demonstrating increasing demand.

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Arch Insurance International boosts contingency team with senior hire

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Arch’s contingency team operates across multiple sectors, such as events companies, media companies, broadcasters, advertising agencies, and sponsors. Coverage is offered on a worldwide basis and includes event cancellation, non-appearance, weather, terrorism, and political violence for events, prize indemnity, film productions, and advertising agency protection.

Stoyle’s appointment follows the recent appointments of Chris Rackliffe (new head of contingency and accident & health) and Claire Atley (new senior underwriter) in the contingency team.

Rackliffe is a leading figure in the contingency arena, having more than 25 years of market experience. Meanwhile, Atley brings to the team more than 12 years of

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Singapore woman scams SG$30,900 from 12 insurers

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Tan was sentenced to one year and two months of imprisonment after pleading guilty to five out of 20 counts of cheating, with the remaining charges taken into consideration in sentencing.

The fraudulent claims, the report said, were filed between April 25 and Dec. 2, 2018. In November 2017, Tan took a trip to South Korea via Cathay Pacific Airways and encountered a delay in her baggage. Using the genuine letter and itinerary from the airline as templates, Tan created fictitious flight details and baggage tag numbers and submitted them with claims to various insurers, even though she, her husband

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