The CBIRC is conducting a study on life insurance sales and plans to formulate measures to improve the sales management, according to industry players. This includes launching a comprehensive review of the commission system in the life insurance sector.
The CBIRC has issued a set of draft regulations, that standardises for the first time the accident insurance business of property and life insurance companies. The goal is a unified set of rules for property and life insurers that will help prevent possible regulatory arbitrage behaviour by insurers.
The IRDAI has issued regulations on insurance advertisements and disclosure, to ensure that the insurers and intermediaries adopt fair, honest and transparent practices while issuing advertisements and avoid practices that would impair the confidence of the public.
The Financial Regulatory Authority (FRA) has granted an insurance brokerage licence to Secure Time Insurance Brokerage Company.
The Reserve Bank of New Zealand (RBNZ) is expanding its regulatory resources with a new standalone enforcement department focusing on compliance in the banking, insurance and anti-money laundering sectors, reported Reuters.
The government may hike the foreign direct investment (FDI) ceiling in the pension sector to 74% and a Bill in this regard is expected to be introduced in Parliament, reported Press Trust of India.
The Ministry of Health (MOH) has appointed a 12-member Multilateral Healthcare Insurance Committee (MHIC) to provide a platform for healthcare providers, payers, consumer representatives and the government to jointly address issues related to health insurance.
The Shura Council, or legislative body, has approved a draft law regulating healthcare services within Qatar, that also covers compulsory health insurance.
Recent mergers in the insurance sector show that the Saudi central bank's (SAMA) plans for the industry are moving in the right direction, said the bank's Governor, Dr Fahd bin Abdullah Al-Mubarak.
New Zealand has become the first country in the world to introduce a law that requires the financial sector to disclose the impact of climate change on their business and explain how they will manage climate-related risks and opportunities, says Commerce and Consumer Affairs Minister David Clark.