The CBIRC is expected to announce shortly the extension of individual income tax (IIT) incentives to all mainstream commercial health insurance plans.
The underwriting performance of insurers and takaful operators (ITOs) in Malaysia was adversely affected by an increase in medical payouts in 2022, says Bank Negara Malaysia (BNM).
The CBIRC has released the 2023 budget for the soon-to-be-formed State Administration of Financial Supervision (SAFS).
The Bangladeshi government is likely to make insurance mandatory for all types of vehicles, including motorcycles, cars and buses.
New regulation on unit-linked life insurance products in Indonesia will help to restore consumer trust, supporting the development of the industry, says Fitch Ratings.
The motor insurance market in the UAE saw a fall in profitability in 2022 due to higher loss and commission ratios, note the international independent risk management, benefits and technology company Milliman in a report released earlier this month.
The EU-ASEAN Business Council (EU-ABC), an advocacy organisation representing the interests of European businesses operating in Southeast Asia, has made several recommendations for ASEAN insurance regulators relating to digital access to protection, a growth-oriented regulatory environment, transition towards a low-carbon economy and de-risking green investments.
The IRDAI is removing caps on commission payments, now prescribed by branch of business, putting commissions instead under an overall cap on expenses of management (EoM) of insurers.
Australian regulators are shifting from monitoring the implementation of post-Financial Services Royal Commission regulatory reform, to scrutiny of compliance on an ongoing basis, points out the global law firm Clyde & Co.
The Kuwait Insurance Federation (KIF) has urged its members to submit proposals to the Insurance Regulatory Unit (IRU), for the authority to revise any decision that insurers deem necessary to amend.