The National Insurance Commission (NAICOM) is working towards implementing a risk-based capital regime in 2024.
The Kuwaiti Insurance Regulatory Unit (IRU) has issued Decision No. 3 of 2023 setting out of penalties, violations and special restrictions that can be ordered by its disciplinary board.
Finance Minister Nirmala Sitharaman has said that the Budget proposal to remove tax benefits for income from high-value insurance policies will not impact insurance penetration in India.
To look into the implementation of the Work Injury Compensation regime for Platform Workers, the Ministry of Manpower will set up a Platform Workers Work Injury Compensation Implementation Network (PWIN) to develop key operational policies for the Work Injury Compensation regime for Platform Workers. This was announced by Manpower Minister Tan See Leng at a dialogue session with around 120 platform workers on 3 February.
The Saudi Central Bank (SAMA) has announced the formal adoption of International Financial Reporting Standard 17-Insurance Contracts (IFRS 17) and International Financial Reporting Standard 9-Financial Instruments (IFRS 9) by the Saudi insurance sector.
2023 is going to be a transformative year for the Korean insurance industry given that major regulatory changes are taking effect and their implications could be significant across the insurance sector, says Korean Re in a blog.
The Securities and Exchange Commission of Pakistan (SECP) has formed a working group to explore the feasibility and the mechanism for the effective implementation of "Motor Third Party Liability (MTPL) Insurance" in the country.
The Australian Prudential Regulation Authority (APRA) yesterday released its policy and supervision priorities for the next 12-18 months to ensure the financial system is "protected today and prepared for tomorrow".
The Ministry of Human Resources and Social Development, with the Saudi Central Bank (SAMA) and Najm Insurance Services Company, has begun to link insurance policies to domestic worker contracts in a non-compulsory experimental manner.
Finance Minister Nirmala Sitharaman, in her annual Union Budget speech yesterday, proposed to provide that where the aggregate of premiums for life insurance policies (other than unit-linked insurance policies [ULIPs]) issued on or after 1 April 2023 is above INR500,000 ($6,115), income from only those policies with an aggregate premium up to INR500,000 shall be exempt from income tax.