These are the updates on insurance regulation across China this week.
Malaysia's financial regulator Bank Negara Malaysia (BNM) in collaboration with the ministry of health and the Employees Provident Fund will develop a basic health insurance and also takaful products that will provide value-based healthcare.
The State Bank of Vietnam (SBV) has amended the law on deposit insurance to grant Deposit Insurance of Vietnam (DIV) more power.
The Saudi Central Bank intends to require listed financial institutions under its supervision to provide insurance coverage for board members against professional errors and failures.
South Korea's regulator, the Financial Services Commission, has announced its plans to ease capital adequacy requirements for insurers under the Korean Insurance Capital Standard (K-ICS).
Office of Insurance Commission (OIC), Thailand's regulator, has explained the framework for conducting the OIC Stress Test in 2025 for life and non-life insurance businesses to assess the durability of the insurance system under simulated risk scenarios, according to OIC assistant secretary-general, regulatory standards development division, Ayusri Khambanlue.
Kenya's Insurance Regulatory Authority (IRA) has called on insurers in the country to expand microinsurance to help the underserved.
Preparations to transform the Turkish Compulsory Insurance Pool (TCIP) from covering compulsory earthquake insurance to providing mandatory disaster insurance have been completed, except for legislation to be enacted by Parliament.
The government has announced the opening of applications for the position of chairperson at the Insurance Regulatory and Development Authority of India (IRDAI), as the current chairman, Debasish Panda, is set to conclude his tenure on March 13, 2025.
The National Association of Malaysian Life Insurance and Family Takaful Advisors (Namlifa) has called on the government to tackle the widening price gap between insured patients and those paying out of pocket at private hospitals, warning that the growing disparity threatens the long-term viability of medical insurance, reported The Star.