The Insurance Development and Regulatory Authority (IDRA) plans to amend the Insurance Act 2020 as a part of its efforts to develop the insurance sector, improve governance, and protect the interests of policyholders.
All insurance companies licensed to sell life insurance products in the Philippines are now required to establish and maintain a publicly available register of Licensed lnsurance Agents, says the Insurance Commission (IC) in a circular to life insurers.
The government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, according to building and construction minister Chris Penk.
Insurers and banks should step up medium- and long-term financial support to the manufacturing industry to make the industry more efficient, innovative and sustainable, according to a joint statement released by several government agencies.
Insurance industry figures have once again called for the free pricing of motor compulsory third-party liability insurance (also called traffic insurance) to resolve underwriting losses in this insurance branch.
India's Goods and Services Tax (GST) Council is set to review exempting reinsurance business from GST.
Insurers, striving to submit financial statements based on International Financial Reporting Standard (IFRS) 17 by 30 June 2024, have said that their efforts are hampered by the shortage of actuaries and the high cost of software.
The Ministry of Human Resources and Social Development has announced that the government's decision to Saudise all jobs related to the sales of insurance products had taken effect from 15 April.
In 2022, the Law on Insurance Businesses No 08/2022/QH15 came into effect, following the commitment agreed upon in the EU-Vietnam Free Trade Agreement in 2020, according to the Insurance Supervisory Authority (ISA) of Vietnam.
The IRDAI has announced its decision to allow general insurers to change the wordings in all corporate insurance policy documents, except motor third party. The move is expected to lead to a sea change in the way insurance policies are issued, insurance officials say.