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Regulation tag returned 1051 results

  • Ghana: Insurance regulator increases minimum capital requirements

    The National Insurance Commission (NIC) has increased the minimum capital requirements (MCRs) for all insurance entities, as part of on-going efforts to stabilise, strengthen and enhance the capacity of the financial services sector to support socio-economic development.

    Africa | 24 Jun 2019
  • Nigeria: Insurers need US$725m to meet new capital rules

    Insurance companies will need $725m (NGN261.5bn) to meet the new minimum capital requirements of the National Insurance Commission (NAICOM), a senior executive of Africa Re has said.

    Africa | 24 Jun 2019
  • Egypt: Regulator finalises draft of new Insurance Act

    The Financial Regulatory Authority (FRA) has finalised the draft of a new Insurance Act that would increase minimum capital requirements for property and life insurance companies to EGP150m ($9m) from EGP60m at present.

    Middle East | 24 Jun 2019
  • Malaysia: Central bank to regulate insurance aggregation platforms

    Insurance and takaful aggregation business will be regulated by the Bank Negara Malaysia (BNM) as a new category of registered business under the Financial Services Act (FSA), the central bank said in a statement released last week.

    Asia | 24 Jun 2019
  • Philippines: New claims adjusters need endorsement from industry associations

    All applications for new loss adjusting licences must be endorsed by either the Association of Philippine Adjustment Companies (APAC) or Philippine Institute of Loss Adjusters (PILA), the Insurance Commission has said.

    Asia | 24 Jun 2019
  • New Zealand: Govt plans huge hike in oil spill insurance coverage

    Offshore oil and gas operators will be required to hold higher levels of insurance to ensure they can cover the cost of an oil spill under proposed new rules announced lsat week by Associate Minister for Transport Julie Anne Genter.

    Asia | 24 Jun 2019
  • Insurance Authority: Beware of unauthorised social media platforms

    Hong Kong's Insurance Authority (IA) has alerted the public regarding 15 WeChat accounts that have impersonated the social media platforms of two authorised insurers in the territory - Prudential Hong Kong and Prudential General Insurance Hong Kong. Both companies have confirmed that they have no connection with these social media platforms.

    Asia | 21 Jun 2019
  • Mainlanders raise furore over losses from financial product sold via HK-based insurer

    Scores of AXA Hong Kong customers are demanding compensation of millions of dollars from the insurer following the collapse of a high-risk investment fund sold on its platform. The unhappiness had simmered since the middle of last year but boiled over at the end of last month.

    China | 21 Jun 2019
  • Australia: Industry body concerned about NSW budget burdening insurance customers

    The Australian insurance industry is concerned that the New South Wales (NSW) budget, which emphasises solid operating surpluses, fiscal responsibility and strong infrastructure spending, comes at a cost to households and businesses that insure their assets. According to a statement from Insurance Council of Australia (ICA) CEO Rob Whelan, the amount of revenue that the NSW state government expects to raise from inequitable insurance taxes and levies will continue to place an unfair burden on NSW policyholders.

    Asia | 20 Jun 2019
  • Saudi Arabia: Several insurers under capital pressure

    Many insurers in Saudi Arabia are facing capital pressure. Nineteen (19) out of over 30 insurers operating in the market maintained shareholders' equity higher than the paidup capital at 31 December 2018, according to data compiled by Arabian Shield Insurance.

    Middle East | 20 Jun 2019


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