Significant progress has been made in strengthening the local regulatory framework for the insurance and pensions sector, the Insurance and Pensions Commission (IPEC) has said.
Fourteen insurance brokers risk de-registration for holding onto premiums running into billions of shillings. The firms have failed to respond to inquiries from the Insurance Regulatory Authority (IRA) on the pending payments.
Chinese regulators adopted shock and awe tactics last Saturday to target misbehaving shareholders of insurers and banks by naming and shaming 38 corporate investors for having "gravely" violated rules and laws in their first such exercise, reported Reuters.
The CBIRC has issued regulations to allow insurance funds to deal in treasury bond futures, restricting transactions to hedging and barring speculation.
The CBIRC will launch a three-year action plan to introduce agricultural insurance risk zoning, according to Mr Liang Tao, CBIRC vice chairman.
The Shanghai police has detained 71 suspects for allegedly defrauding insurance companies. Two insurers were defrauded over CNY16m ($2.3m), authorities say.
The New South Wales government's Federal Financial Relations Review has recommended the replacement of all specific taxes on insurance policies with broad-based taxes, such as a land tax, to improve insurance affordability and uptake.
The government plans to launch a cashless treatment scheme for road accident victims with a cap of INR250,000 ($3,300) per case, to ensure that victims have immediate medical care.
The Insurance Council of New Zealand (ICNZ) is calling on political parties to back volunteer and paid firefighters by funding them appropriately for their services much like the police are funded.
Lane Clark & Peacock LLP (LCP), a leading UK firm of consulting actuaries, in its new report released in June 2020 has found a big change in the risks which most concern the insurance industry.