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Regulation tag returned 1251 results

  • Kenya: Govt to formulate national policy framework for insurance

    The government is in the process of developing a National Insurance Policy Framework expected to strengthen the policy, legal and regulatory environment in order to improve access, usage and affordability of insurance products and services in Kenya, and facilitate further development of insurance services in Kenya in line with broader public policy objectives of the government.

    Africa | 14 Oct 2019
  • Malaysia: Fire insurance pricing liberalisation postponed

    Bank Negara Malaysia has extended the timeline for the detariffication of fire insurance to next year at the earliest, industry sources say.

    Asia | 14 Oct 2019
  • South Korea: Regulator delays implementation of IFRS 17 for insurers

    The Financial Services Commission (FSC) in South Korea has decided on a 12-month delay in implementing the International Financial Reporting Standards 17 (IFRS 17) for insurers, according to a report from the Yonhap News Agency. This comes after the global insurance industry called for more time to adopt to the global accounting standards which are originally set to be effective in January 2021.

    Asia | 11 Oct 2019
  • Regulator urged to update and expand rules on insurance licensing

    Members of the Insurance Working Group of the European Union Chamber of Commerce in China have been facing various difficulties after entering the mainland Chinese health insurance market due to the complexity of the licensing process and the restrictions on foreign ownership.

    China | 11 Oct 2019
  • European insurers suggest Chinese authorities clarify Internet insurance business concerns

    The licensing criteria for Internet insurance companies are not clear due to the lack of policies and regulations in this area, and there is a considerable gap between the supervision of insurance and technology companies, says the Insurance Working Group (IWG) of the European Union Chamber of Commerce in China.

    China | 11 Oct 2019
  • Regulator wants to rid market of low-sales life insurance products

    The CBIRC has highlighted several common problems identified during its oversight of life insurance products.

    China | 11 Oct 2019
  • Malaysia: Safe drivers to receive discounts on insurance premiums

    Drivers in Malaysia with no traffic offences will enjoy lower premiums or additional discounts on their 'No Claim Bonus' (NCB) starting from January next year, reported state news agency BERNAMA citing transport minister Anthony Loke at the side-lines of the 60th Road Safety Council of Malaysia annual general meeting.

    Asia | 10 Oct 2019
  • Philippines: Insurer bows out of market

    The former insurer of the Armed Forces of the Philippines and the Philippine National Police has surrendered its licence as it could no longer operate as a non-life insurance firm due to lack of additional capital, the Insurance Commission has announced.

    Asia | 10 Oct 2019
  • Hong Kong: Validity of insurance policies not affected by emergency law

    The enactment of the 'Emergency Regulations Ordinance' (ERO) or emergency law in Hong Kong does not affect the terms and conditions nor the validity of insurance policies, according to an official statement from the Hong Kong Federation of Insurers (HKFI).

    Asia | 09 Oct 2019
  • Australia: APRA urges focus on root issue for disaster insurance to be affordable

    Real and meaningful change to the issue of insurance affordability in northern Australia can only be brought about by focusing on the root causes rather than the manifestation, says the Australian Prudential Regulation Authority (APRA).

    Asia | 09 Oct 2019

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