Brokers will effectively be underwriting risk and doing insurance business without a licence by divulging restricted information and poaching insurance clients, Bernas added. The Philippines government has been urged to probe its reinsurance industry after a lawyer claimed that one of the nation's airlines had been linked to allegations being investigated by the UK's Financial Conduct Authority (FCA). A report from the Philippine Star newspaper said on Tuesday that an investigation into alleged fraud at Manila-based Air Asia was looking into whether it may have violated anti-money laundering laws in connection with transactions involving It follows the FCA's announcement that it would question reinsurers Aon, Jardine Lloyd Thompson, Willis Towers Watson, UIB and Marsh in relation to allegations about sharing classified information.
The Philippines government has been urged to probe its reinsurance industry after a lawyer claimed that one of the nation's airlines had been linked to allegations being investigated by the UK's Financial Conduct Authority (FCA). A report from the Philippine Star newspaper said on Tuesday that an investigation into alleged fraud at Manila-based Air Asia was looking into whether it may have violated anti-money laundering laws in connection with transactions involving It follows the FCA's announcement that it would question reinsurers Aon, Jardine Lloyd Thompson, Willis Towers Watson, UIB and Marsh in relation to allegations about sharing classified information.