The National Insurance Commission (NAICOM) has urged the board of directors of insurance companies to ensure sound management of the companies without interfering in management functions.
The establishment of the Insurance and Private Pension Regulation and Supervision Agency (SDDK) is an important step for the expansion of the Turkish insurance sector and a positive development that industry players have been looking forward to for a long time, says Turkey Insurance Association (TSB) president Atilla Benli.
The Strategic Committee for Health Insurance is engaged in drawing up plans and strategies to develop the health insurance industry, raise the level of integration and coordination between insurers and the insured and reduce attempts by unscrupulous parties to circumvent the rules to obtain healthcare services unlawfully.
China has decided to further loosen rules on foreign players in insurance and banking sectors to foreign investors by revising related regulations.
A presidential decree related to the Insurance and Private Pension Regulation and Supervision Agency (SDDK) has been gazetted, opening the way for the establishment of the new independent regulator.
Foreign insurance companies and banks have now technically crossed the finish line in their long march to be allowed greater market access in China after the State Council formally announced revised regulations that relax restrictions on their doing business in the country, according to a report by the business publication Caixin.
The Insurance Working Group (IWG) of the European Union Chamber of Commerce in China is seeking an exemption for domestic shareholders in current 50-50 JVs in the country from being subject to equity rules that have been in effect since 10 April 2018.
China Life Insurance has the financial strength to meet the requirements set by the International Financial Reporting Standards 17 (IFRS 17), which are to take effect by 2025, the insurer's parent company, China Development Financial Holding Corp (CDFHC), has said.
With Meridian Assurance finalising its exit from the Philippines' insurance sector, the Insurance Commission (IC) has notified remaining clients of the non-life insurer to file their claims by 18 January 2020.
Arab Insurance Group (Arig) has announced that the Central Bank of Bahrain (CBB) advised Bahrain Bourse on 7 October 2019 to resume trading in Arig shares, which had been suspended since 14 May 2019.