The Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) has increased the coverage ceiling of the Compulsory Earthquake Insurance scheme (DASK) to TRY268,000 ($36,000), 20% higher than the previous cap of TRY240,000.
India is likely to link motor insurance premiums with traffic violations as recommended by a working group of Insurance Regulatory and Development Authority of India (IRDAI).
The government is seeking to appoint a new chairperson for the Beema Samiti, the country's insurance regulator.
The Insurance Development and Regulatory Authority (IDRA) has directed all insurers to comply with rules that require their sponsors to raise the stakes they hold to 60% in their respective companies and the companies' minimum paid-up capital to BDT300m-400m ($3.5m-4.7m) within one month.
Insurance companies are now allowed to issue subordinated insurance capital bonds (ICBs), which can be another way of insurers managing their finances. Under a new notification by the Capital Market Supervisory Board (CMSB), the proceeds from ICBs may be counted as part of total capital available (TCA), comments global law firm Baker McKenzie.
The National Insurance Commission (NAICOM) is proceeding with its plans for various policies and initiatives to develop the insurance sector despite challenges such as the suspension of the recapitalisation exercise, COVID-1, #EndSARs and others.
Supervision of the insurance market in Angola is weak with poor compliance with regulations by local players, says Fitch Ratings in a recent report.
The Egyptian government is seeking to strengthen the partnership between the government, civil society and the private sector to achieve integration between the comprehensive health insurance system, the medical insurance industry and the healthcare sector to improve health services for the public, said Dr Mohamed Maait, Minister of Finance and chairman of the General Authority for Comprehensive Health Insurance.
Some members of Weqaya Takaful and Reinsurance's board of directors, audit and executive committees were convicted and fined a total of SAR1.3m ($350,000) in a lawsuit filed by the Capital Market Authority (CMA).
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.