The General Insurance Council (GIC), the representative body of non-life insuers, is lobbying the IRDAI to relax certain regulatory requirements, particularly those related to the solvency ratio, particularly because of the current COVID-19 crisis.
The Insurance Council of New Zealand (ICNZ) yesterday launched its revised Fair Insurance Code which encourages good conduct and professionalism in the insurance industry and describes how the relationship between insurers and their customers should work.
The Insurance Authority (IA) has announced the second phase of temporary facilitative measures, in view of the latest developments of the COVID-19 pandemic. It has widened the types of life insurance products that can be distributed through non-face-to-face methods to minimise the risk of infection during the selling process.
The current public health crisis has brought a host of additional risks and challenges to Asia. Law firm Akin Gump Strauss Hauer & Feld has shed some light on the commercial and legal risks that businesses are likely to face during this period.
The IRDAI has warned insurers against entering into fresh capital gearing treaties, and to phase out existing treaties.
Oman's insurance regulator, the Capital Market Authority (CMA), has urged insurance companies to provide electronic insurance services to their customers and suspend counter services, so as to curb the spread of COVID-19.
The Ministry of SOEs (BUMN) has said that payments of benefits and claims to customers of financially stricken state owned life insurer Asuransi Jiwasraya will start today.
Proposals have been raised to revise premium rates of the National Health Insurance (NHI) system for Taiwanese who work overseas and who have not contributed to the scheme.
The Islamic Financial Services Board (IFSB) has issued its "Exposure Draft on a Standard on Disclosures to Promote Transparency and Market Discipline for Takaful/Retakaful Undertakings (ED-25)" for public consultation.
The CBIRC has released the long-awaited "Interim Measures for the Management of Insurance Asset Management Products" that will take effect on 1 May.