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Insurance

13 April 2021
Hao Zhan Applicants must disclose facts when prompted by insurers to avoid rescission

China - AnJie Law Firm

When concluding insurance contracts, applicants have a duty of disclosure. However, applicants need not disclose information unless the insurer enquires. Insurers' remedy for breach of this duty varies. They can either rescind the contract and keep the premium or rescind the contract but return the premium. However, insurers have no right to rescind the contract if they underwrote it fully aware that the applicant had not provided honest answers.

Authors: Hao Zhan, Jia Wan, Hannibal El-Mohtar
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Shubhangi Pathak 74% FDI allowed in insurance sector: amendment to Insurance Act

India - Tuli & Co

For several years, stakeholders in the Indian insurance sector have wanted the foreign direct investment (FDI) limit for Indian insurers to be increased to 74% in parity with the FDI limit applicable to the private banking sector. The finance minister recently announced that the FDI cap for Indian insurers will be increased from 49% to 74%. The increase in FDI for insurers is a key development at a time when new investments in the insurance space have been limited.

Authors: Shubhangi Pathak, Priya Misra
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