The Financial Services Authority (OJK) has approved the establishment of a member representative body (BPA) for AJB Bumiputera 1912, one of Indonesia's oldest insurers, which has been struggling with insolvency for a number of years.
Vehicle owners will have to pay higher premiums for motor compulsory third-party liability (CTPL) insurance with effect from 1 June 2022, according to a regulation revised by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) which was published in the Official Gazette.
Bank Negara Malaysia (BNM), the central bank of the southeast Asian country, has published a policy document that sets out revised requirements to ensure alignment with Malaysian Financial Reporting Standard (MFRS) 17 "Insurance Contracts" and MFRS 9 "Financial Instruments".
The IRDAI is allowing general insurers to design new and customised products for fire and allied perils related to dwellings, micro and small enterprises, in its bid to increase insurance penetration and provide a wider choice to policyholders.
The CBIRC has expanded the investment scope of the insurance sector to include a wider array of financial products in order to enable the CNY23tn ($3.4tn) worth of insurance funds to better serve the economy.
The Financial Services Council of New Zealand (FSC) in its submission on the proposed New Zealand Income Insurance Scheme (NZIIS) has called for more time and wider industry engagement to ensure that the scheme is best placed to achieve its objectives.
VerifyMe Nigeria has launched a new service to verify the status of a vehicle licence in real-time, extending its portfolio beyond digital ID verification, biometrics, and consumer analytics.
Car owners have been given a grace period of 30 days to renew an expired driving licence in case they have caused an accident so that they would still be protected by motor insurance coverage, sources working in the insurance sector have said.
The average annual motor insurance premium charged in the first quarter of this year was in the range of CNY1,000 ($147) to CNY3,000, according to the 1Q2022 quarterly solvency reports filed by 59 property insurers as of 9 May. More specifically, the average auto premium for the 59 companies amounted to CNY2,015.
The CBIRC has issued a notice on regulating and promoting the development of commercial personal pension plans, outlining several principles to be followed by insurers and other financial institutions that engage in the business.