Tawuniya and the Hajj and Umrah Ministry have signed an agreement for the former to provide insurance for pilgrims coming from outside Saudi Arabia.
Ms Nor Shamsiah Mohd Yunus, governor of Bank Negara Malaysia will take over the chair of the Islamic Financial Services Board (IFSB) while Mr Mubarak Rashed Khamis Al Mansoori, governor of the Central Bank of the UAE will be the deputy chairperson, according to the IFSB council. The new appointments will take effect on 1 January 2020. Ms Nor Shamsiah takes over the chair from Mr Fazle Kabir, the governor of the Bangladesh Bank.
The CBIRC has issued a regulation to life insurers that stipulates that insurers must ensure that the life protection period of endowment products is similar to that of the duration of the savings component.
Insurers will now be able to invest in debt ETFs (exchange traded funds) with underlying debt securities of central public sector enterprises (CPSEs), says the insurance regulator.
Tunisia's People's Assembly have passed a proposal to impose a special tax of 3% on the taxable income of insurance companies and banks for the benefit of social funds.
Hong Kong's tax incentives to boost retirement savings through the Qualifying Deferred Annuity Policy (QDAP) initiative serves as an example of how the Insurance Authority (IA) has worked effectively with the industry to fill a social need, according to IA chairman Dr Moses Cheng in his welcome address at the Asian Insurance Forum 2019 yesterday.
Australian Securities and Investment Commission (ASIC) has launched a new surveillance program to ensure Australia's biggest companies are dealing with the risks of climate change.
The CBIRC has announced that wef 1 January 2020, restrictions on the stake of foreign investors in life insurance joint ventures will be officially lifted, and the foreign shareholding can reach 100%.
The government may announce a proposal to increase the direct foreign investment ceiling in insurance to 74% in the February Budget, up from 49% at present, say people with knowledge of the matter.
More stringent regulation is the top challenge faced by life insurers in Australia, a new report from the international professional services firm EY says.