China's financial regulator, the National Administration of Financial Regulation (NAFR), plans to limit commission fees in bancassurance operations, in a move that could lead bancassurance fees to plunge by 50% or more.
The Insurance Working Group (IWG) of the European Chamber in China has suggested that Chinese regulators adjust the 'related party transaction' indicators in insurers' risk ratings to reflect the risk profile of bankassurers more accurately.
The bancassurance channel has become a more important driving force for China's top five listed insurance companies, according to an analysis of interim financial reports published by the insurers.
The Competition Council has recommended that the authorities allow bancassurance operations in the non-life insurance sector.
China's financial regulator, the National Financial Regulatory Administration (NFRA), has issued a notice to life insurance companies to regulate their bancassurance operations, the costs of which have soared.
With even the most frontier markets opening up, the emergence of wealth and middle class in Asia, pertinent protection gaps, and high savings, a few structural shifts are foreseen for bancassurance partnerships in the region, says Roland Berger, a European strategy consultancy with a strong international presence.
The lack of consumer trust in insurance companies can be attributed to the inefficiency of disruption methods adopted by insurance incumbents, according to a blog on the website of Wamda, which operates a platform of programs and networks that aims to accelerate entrepreneurship ecosystems across MENA.
The 8th Trusted Life Agents & Advisers Awards (ATLAA) concluded last evening, celebrating the 16 winners recognised for their outstanding contributions and performance to the insurance industry.
The Financial Institutions Division (FID) of the Finance Ministry has approved a proposal to introduce bancassurance in Bangladesh.
Many violations have been found in the selling of insurance products through agency channels, including banks, according to the Ministry of Finance's inspection result report.