In the News
Regulatory Update

• September 2021
• 

Workers' Comp: A federal appeals court has ruled that the Texas Division of Workers' Compensation may not enforce a law capping fees charged by air ambulance companies transporting injured workers.

The panel decision by the 5th Circuit Court of Appeals is the third appellate court to rule that the federal Airline Deregulation Act prevents the states from imposing workers' compensation price regulations on interstate air carriers. The latest ruling notes that the Fourth and 10th circuit courts also decided that the federal act preempts state workers' compensation regulation of prices.

Hong Kong: China's insurance regulator extended its preferential treatment for the Hong Kong insurance industry for another year. The China Banking and Insurance Regulatory Commission extended the preferential treatment under the China Risk Oriented Solvency System to June 30, 2022, allowing the capital requirements of mainland Chinese insurers ceding businesses to qualified Hong Kong reinsurers to be lowered continuously, the Hong Kong Insurance Authority said in a statement.

The move helps to enhance cross-border financial connectivity and active participation and support of Hong Kong in both China's Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area development, strengthening Hong Kong's advantages as a regional insurance hub and promoting diversified socio-economic development, the HKIA said.