The Financial Services Authority (OJK) has issued the first regulation on the dissolution, liquidation and bankruptcy of insurance companies. On 11 December 2015, enacted Regulation No. 28/POJK.05/2015 on Dissolution, Liquidation and Bankruptcy of Insurance Companies, Syariah Insurance Companies, Reinsurance Companies and Syariah Reinsurance Companies (POJK 28). Before the enactment of  POJK 28 there was no regulation within the vicinity of the insurance law on matter.

Financial Services Regulatory Singapore Client Alert May 2016 MAS Issues Proposed Enhancements to Resolution Regime for Financial Institutions in Singapore Background In June 2015, the Monetary Authority of Singapore ("MAS") issued a consultation paper on the Proposed Enhancements to the Resolution Regime for Financial Institutions in Singapore ("June 2015 Consultation Paper").

Commercial Dispute Resolution Jakarta Client Alert September 2015 Supreme Court Ruling on Bankruptcy of Bumi Asih Jaya On 9 September 2015, the Republic of Indonesia Supreme Court gave its ruling on the cassation application submitted by the Financial Services Authority ("OJK") regarding the bankruptcy petition against PT Asuransi Jiwa Bumi Asih Jaya ("BAJ"), one of the oldest insurance company in Indonesia. The Supreme Court ruled in favour of OJK and approved the bankruptcy petition against BAJ. Under the previous regime, Law No.

Liquidators of insolvent Australian companies often pursue directors of the failed company in recovery proceedings for the benefit of creditors. Following a High Court of Australia decision in April 2016, it is now clear that a liquidator can join liability insurers of defendant directors in such proceedings, even when the insurer has denied liability under a policy. The liquidator, even though not a party to the contract, may then seek a declaration in the same proceedings that the insurer is liable to indemnify the insured defendant.

On 20 July 2018, the Higher Regional Court of Düsseldorf ruled that standard D&O insurances do not cover restitution claims for payments which managing directors of a limited liability company make after the company becomes insolvent. Whereas it is possible to obtain coverage for restitution claims, many older policies do not provide for this. Directors are well advised to check the scope of their insurance coverage.

Background

DBI 2017 - A5 With Bleed.indd 3 20.02.2017 8:22:56 Doing Business in Russia 2017 Baker & McKenzie - CIS, Limited Moscow Office White Gardens, 10th Floor 9 Lesnaya Street Moscow 125047, Russia Telephone: +7 495 787 27 00 Fax: +7 495 787 27 01 [email protected] St. Petersburg Office BolloevCenter, 2nd Floor 4A Grivtsova Lane St.

Can you take security over all types of assets, including working capital? Generally yes, before filing for the reorganization or the ruling setting forth the start of the liquidation bankruptcy. After the beginning of the reorganization proceedings, no further security interests can be granted over the assets of the debtor for credits due before the beginning of the reorganization proceedings. The debtor can grant security interests for new creditors after the start of the reorganization proceedings.

I. DEFINITIONS

"Banking Law" means the Banking Law of Turkey No. 5411.

"BRSA" means the Banking Regulatory and Supervisory Authority of Turkey.

"Creditors" means Turkish banks, financial leasing companies, factoring companies and financing companies and Foreign Credit Institutions and International Organizations.

The Prime Minister of Vietnam recently issued Decision No. 242, approving Vietnam's Restructuring Plan of the insurance business market until 2020, oriented towards 2025 (Plan) following the final proposal of the Ministry of Finance (MOF)'s Insurance Supervisory Authority of Vietnam.1

This week’s TGIF considers the decision of AIG Australia Limited v Kaboko Mining Limited [2019] FCAFC 96, in which the Full Federal Court found that an insolvency exclusion in a D&O policy did not apply to exclude claims brought against directors and officers of a company under external administration.

What happened?