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Regulation tag returned 1054 results

  • Japanese conglomerate's insurance and banking units admit to misconduct

    Japan's Financial Services Agency has launched an investigation into Japan Post's insurance and banking units repeatedly selling unsuitable insurance and investment trusts to elderly customers, reported the Japan Times quoting a confession from Japan Post. This misconduct case has taken place during a period when the profitability of these two units continues to be negatively affected by the Bank of Japan's negative interest rates policy.

    Asia | 26 Jun 2019
  • Australia: Regulator releases minor corrections to general insurance standards

    The Australian Prudential Regulation Authority (APRA) has revised prudential standards GPS 110 Capital Adequacy (GPS 110) and GPS 116 Capital Adequacy: Insurance Concentration Risk Charge (GPS 116), that were due to come into effect on 1 July 2019.

    Asia | 26 Jun 2019
  • India: Insurance broker has license cancelled after violation of rules

    Insurance Regulatory and Development Authority of India (IRDAI) has cancelled the licence of SB Insurance Brokers with immediate effect after the latter violated norms, reported local publication Moneycontrol.com. According to IRDAI's decision, it was not in the interest of policyholders or the insurer to permit the broker to continue operations in the market.

    Asia | 25 Jun 2019
  • 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

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