The CBIRC's changes to the solvency management of China's insurance sector are a positive step, particularly in the reinforcement of balance sheet strength and the development of enterprise risk management, says AM Best. The changes will go into effect 1 March.
The Insurance and Social Insurance Supervisory Authority (ACAPS) has launched "E-Wassit Taamine", an e-learning training programme for the insurance intermediaries.
The Australian Prudential Regulation Authority (APRA) has said that the revised Prudential Standard, SPS 250 Insurance in Superannuation, is expected to commence from 1 January 2022.
The CBIRC has updated its solvency regulations for insurers with the revised rules to take effect from 1 March 2021.
The government is studying a proposal to inject more capital into three state-run general insurers-National Insurance, Oriental Insurance and United India Insurance-in the fiscal year ending 31 March 2022 (FY22) to boost their solvency levels and enable them to meet regulatory requirements in the aftermath of the COVID-19 pandemic.
Insurers have raised their plea for the government to forego implementing the next and final tranche of an increase in the industry's capital requirements by the end of 2022.
Zimbabwe's insurance and pensions regulator is seeking the re-listing of insurance giant, Old Mutual, on the Zimbabwe Stock Exchange (ZSE).
The Central Bank of Saudi Arabia (SAMA) says that it continues to work on a number of development initiatives and structural reforms in order to develop the insurance sector and for the sector to achieve alignment with the Kingdom's "Vision 2030" goals.
The Ministry of Labour has issued a decision to reserve a number of professions in the private sector, including insurance, finance and accounting, for Omani nationals only.
Regulators still support insurers and banks cooperating with Internet-based platforms, despite recent anti-trust measures taken in the FinTech sector, reported Reuters quoting Mr Liang Tao, a CBIRC vice chairman.