The Life Insurance Department of the CBIRC has issued an exposure draft on universal life insurance that aims to consolidate for the first time various rules that are scattered over a number of documents governing this class of business.
New Zealand has become the first country in the world to pass a law that will ensure financial organisations disclose and ultimately act on climate-related risks and opportunities, Commerce and Consumer Affairs Minister Dr David Clark and Climate Change Minister James Shaw announced in a joint statement yesterday.
While China's financial sector generally has a high degree of competition, monopolistic practices and unfair competition are prominent in some fields, according to the CBIRC.
The government is pushing to get the initial public offering of state-backed LIC carried out by next March and any delay won't be due to a lack of political will, Finance Minister Nirmala Sitharaman said in an interview with Bloomberg.
China's top banking and insurance regulator has issued a guideline, encouraging insurers to enrich the supply of life insurance products.
The Australian Prudential Regulation Authority (APRA) has published guidance to assist insurers, banks and superannuation licensees in meeting the requirements of the new prudential standard on remuneration.
Private-sector insurer Alliance Assurances continues to call for deep and urgent revisions to legislation and regulations governing the insurance sector.
Businesses like insurance and financial services are expected to see an increase in costs as a direct effect of Bahrain's proposed doubling of the value added tax (VAT) rate from 5% to 10%, an expert has said.
All general insurers are urged to review their pricing systems and controls to prevent consumer harm as a matter of priority, according to Ms Sarah Court, the deputy chair of the Australian Securities and Investments Commission (ASIC).
The Securities and Exchange Board of India (SEBI) has approved Star Health Insurance's proposed initial public offerings (IPO) that is expected to raise INR55bn ($733m).