The National Financial Regulatory Administration and the Shanghai government yesterday issued jointly the "Implementation Rules on Accelerating the Establishment of Shanghai International Reinsurance Centre". The authorities also launched an international board for reinsurance trading in Shanghai.
China welcomes well-performing foreign institutions to do business in China and the risks in the financial sector are controllable overall, reported Reuters quoting the head of its financial regulatory administration told the Lujiazui Forum in Shanghai yesterday.
The Financial Services Authority (OJK) has issued a regulation concerning the governance and constitution of insurance mutuals.
The Insurance Development and Regulatory Authority (IDRA) has appointed four of its officials as observers at four life insurance companies for their failure to protect the interests of policyholders.
The Financial Services Council (FSC) says that the implementation of the new Life Code of Practice with effect from 1 July 2023 will introduce over 50 comprehensive consumer protections that will change the way customers interact with their life insurers.
The Ministry of Human Resources and Emiratisation has clarified that the subscription fees for the mandatory unemployment insurance scheme are borne by employees working in the private sector and public sectors, both citizens and expatriates.
The Finance Ministry is drafting decrees and circulars, focusing on making insurance products and insurance policies more transparent, according to Finance Minister Ho Duc Phuc.
The Securities and Exchange Commission of Pakistan (SECP) has issued requirements for a grievance handling mechanism for the insurance sector to ensure effectiveness, robustness, and uniformity in resolving complaints with the objective of protecting policyholders.
A new Bill on insurance will be submitted to Algeria's two chambers of Parliament before the end of 2023, Prime Minister Aymen Benabderrahmane has said.
The testing phase for the Traffic Insurance Bidding Platform started on 1 June, according to Mr Mehmet Akif Eroglu, the president of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).