The IRDAI has formed a working group to look into introducing a standard cyber liability insurance plan, following in the wake of standard health and life insurance policies.
The Insurance Brokers Code of Practice has to stay up to date with change and thus there is an absolute necessity for regular, independent and professionally constructed Code reviews, points out the independent chairman of the Insurance Brokers Code Compliance Committee (IBCCC), Mr Michael Gill.
The Non-Bank Inspection Bureau of the CBIRC is working on standardising data of non-life insurance companies so as to improve the data management and risk management capabilities of property insurance companies.
The Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) has announced the minimum capital required of an insurer for different lines of business.
The IRDAI has directed all life insurance companies to offer a standard term insurance plan - Saral Jeevan Bima - with effect from 1 January next year.
APRA-regulated financial institutions (authorised deposit-taking institutions (ADIs), insurers and superannuation funds) have stood up to the challenges which emerged at the beginning of 2020, both financially and operationally, and have continued to fulfil their critical roles in society and the economy, according to Mr Wayne Byres, APRA chairman in the regulatory agency's 2019-2020 Annual Report released last week.
Four insurers have yet to comply with the minimum PHP900m ($18.5m) net-worth requirement imposed by the insurance law and the Insurance Commission is urging them to do so "in the coming days" or face closure.
The revenue of insurance brokers in the UAE is expected to be dented by a new commission payment structure which took effect from 15 October.
Flaws exist in corporate governance in P&C insurance companies whose shareholders are local-level state owned entities, says Mr Li Youxiang, director of the Property Insurance Supervision Department of the CBIRC.
The Guangdong Banking and Insurance Regulatory Bureau (GBIRB), with the policy support of its parent, the CBIRC, is introducing the simplified administration and decentralisation policy enjoyed in free trade zones in the province to the Guangdong-Hong Kong-Macau Greater Bay Area.