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.
The government is set to withdraw the National Health Insurance Scheme (NHIS) 2019 following disagreements between various stakeholders.
China is able to safeguard the payment of pensions from the government-run basic pension scheme on time and in full despite reductions in social insurance premiums last year, the country's human resources minister said last week.
Following up on moves that delegate the supervision of insurance companies to regional bureaux, the CBIRC has sharpened its supervision system by reorganising functions and duties of its departments at head office level.
The CBIRC yesterday issued its "Regulations on the Qualifications of Directors, Supervisors and Senior Managers of Insurance Companies (Draft for Comment)".
The Hong Kong government has proposed launching a two-year Pilot Insurance linked Securities (ILS) Grant Scheme to attract insurance enterprises or organisations to issue ILS in the territory.
The insurance regulator, the IRDAI, yesterday announced that it has constituted a 15-member committee to review its information and cyber security guidelines.
A proposal by a national lawmaker for all family planning restrictions to be lifted in the northeastern provinces of Heilongjiang, Jilin and Liaoning, which previously formed the industrial belt of the country, has attracted unenthusiastic responses.
The Insurance Board (IB) has ordered insurance companies to make mandatory investments in fields such as infrastructure, agriculture, water resources, and tourism.