The CBIRC has released its "Interim Measures for the Implementation of the Recovery and Resolution Plan for Banking and Insurance Institutions (Draft for Solicitation of Comments)", with the goal of preventing and defusing major risks, achieve orderly recovery and resolution, protect the legitimate rights and interests of customers.
The IRDAI has withdrawn its advisory for insurance companies to refrain from declaring dividends, as the economy and the insurance industry start to revive from the impact of the COVID-19 pandemic.
The Council of Cooperative Health Insurance (CHIC) in Saudi Arabia yesterday announced that small and medium-sized health insurance companies when merged would be exempted from paying qualification and supervision fees for a maximum period of three years, according to specific conditions and requirements.
The government is currently discussing a proposal to establish a government fund for the Egyptian family, by providing incentives to encourage family planning, and to achieve compliance with the prescribed age of marriage, which is 18 years.
The UK Supreme Court issued its decision in the Financial Conduct Authority's (FCA) BI test case on 15 January, ruling that some forms of BI insurance would cover COVID losses. However, experts from Guy Carpenter state that the court has adopted a narrow definition of a COVID 'occurrence' - an illness suffered by just one person or arguably several people in one household, raising questions about the meaning of the word 'occurrence' in other contexts.
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.