India's central bank, Reserve Bank of India (RBI), wants banks to cap their stakes in capital intensive insurance companies at 20%, reported Reuters quoting three sources with knowledge of the matter.
China has made "decisive achievements" in preventing and addressing financial risks in its banking and insurance sectors, the country's top banking and insurance regulator has said.
Purchasers of insurance policies denominated in foreign currency have started to complain about financial losses and concerns, as the increased volatility in the global forex market triggered by uncertainties stemming from the COVID-19 pandemic hit such policies.
An administrative court has ruled that insurers do not have to disclose in insurance policies the amount of commissions or incentives paid to intermediaries.
The bushfire season has highlighted the importance of accessible and affordable insurance coverage, Dr Sean Carmody, APRA executive director, Cross-Industry Insights and Data Division, said yesterday at a hearing held by the Senate Standing Committee on Finance and Public Administration, which is conducting an inquiry into the lessons to be learned in relation to the devastating Australian bushfire season 2019-20.
The Chinese government is working on a detailed plan to raise the retirement age, Mr You Jun, the country's vice human resource minister has said.
The prosthesis market in Australia needs major reform because private hospital insurance pays out more than A$2bn ($1.55bn) each year in benefit payments for prostheses, accounting for more than 12% of all benefit payments, says the non-partisan Grattan Institute, a think tank dedicated to developing high quality public policy for Australia's future.
The Financial Services Commission (FSC) last month announced proposed revisions to the Enforcement Decree of the Insurance Business Act, setting out requirements for the establishment of insurance businesses specialising in small-amount, short-term policies and introducing measures to improve the soundness of the insurance industry.
Six of Australia's largest banking and financial services institutions have paid or offered a total of A$1.24 billion (US$961.5 million) in compensation, as at 31 December 2020, to customers who suffered loss or detriment because of fees for no service misconduct or non-compliant advice, according to the Australian Securities and Investments Commission (ASIC).
The government has approved amendments to the Insurance Bill 2020, which seeks to introduce best practices to Zimbabwe's insurance sector and enhance the protection of policyholders.