The CBIRC has issued its "Notice on Regulating Issues Concerning Short-term Health Insurance Business", covering of product design, policy renewal, sales, claims, and the suspension of sales. The goal is to regulate short-term health insurance operations and management.
The CBIRC is decentralising its direct supervision of the 91 life insurers in the country by splitting them into those that are to be supervised by local regulatory bureaux and those whose direct supervision is retained by the headquarters.
The IRDAI has formed a panel of experts to examine the availability of health insurance products in the country in light of the needs of society and to recommend suitable products and processes.
The Bangladeshi government is undertaking a BDT6bn ($70.75m) project to ensure faster upgrading and digitalisation of the insurance sector, Mr M Mosharraf Hossain, chairman of the Insurance Development and Regulatory Authority (IDRA), has said.
The Insurance Authority (IA) has exempted reinsurance providers from rating requirements for a period of one year to ease the pressure on capacity, especially with the COVID-19 pandemic causing more stress.
The Capital Market Authority has approved the main prospectus of mudharabah sukuk of Takaful Oman Insurance for the offer of perpetual sukuk worth OMR25m ($65m).
The final draft of the set of rules for Phase Two of China. Risk Oriented Solvency System II (C-ROSS II) has been basically decided upon, and the CBIRC is expected to release the rules before the Spring Festival which starts on 12 February, according to industry sources.
The Indonesian life insurance industry is predicted to perform better this year compared to 2020, on the back of optimism generated by COVID-19 vaccines and new state owned insurer IFG Life.
Bangladesh's insurance regulator will release guidelines this year to allow insurance to be marketed through bank channels, according to industry insiders.
Despite the COVID-19 pandemic, the insurance sector in Morocco continues, on the whole, to demonstrate strength and growth both in the life and in non-life markets, according to a statement issued by the Committee for Coordination and Surveillance of Systemic Risks (CCSRS).