The insurance regulator is proposing that compensation amounts in compulsory motor third party liability (CMTPL) insurance and commercial motor insurance be raised in a forthcoming sweeping round of reforms in the auto sector.
Over the past decade, foreign companies have withdrawn from Taiwan's insurance market one by one.
Indonesia plans to close down embattled state life insurer Asuransi Jiwasraya and create a new company to settle outstanding claims, a move requiring state investment, the firm's chief executive yesterday, reported Reuters.
State-run insurers and pension funds may get the nod to invest in government-backed startup-focused fund-of-funds, depending on the outcome of talks among various government agencies.
The government has announced its decision to merge the Insurance Authority with the Securities and Commodities Authority, to form a single financial services regulator.
The Bangladesh Securities and Exchange Commission (BSEC) has directed 49 directors of 14 listed insurance companies who each failed to hold the required minimum stake of 2% in their respective companies or be automatically removed from their positions.
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.