The Bank Negara Malaysia (BNM) has imposed Administrative Monetary Penalties (AMP) of MYR1.04m ($218,400) on Zurich General Insurance Malaysia (ZGIM) and MYR520,000 on Zurich General Takaful Malaysia (ZGTM). The sanctions stem from the Zurich companies' failure to comply with requirements relating to targeted financial sanctions (TFS).
The Australian Prudential Regulation Authority (APRA) has urged a lasting shift in how banks, insurers, and superannuation trustees manage AI-related risks amid its ongoing evolution.
The maternity benefits provided by the Philippines' state insurer, the Philippine Health Insurance Corporation (PhilHealth), have been expanded, as announced by President Ferdinand Marcos Jr. on Wednesday.
The National Bank of Ethiopia, the central bank, has published a draft Insurance Proclamation, that would re-open the domestic insurance market to foreign insurers.
Thailand's insurance regulator, the Office of the Insurance Commission (OIC), has issued policy directives that emphasise the stable and transparent development of the Thai insurance industry.
The Kuwaiti Insurance Regulatory Unit (IRU) has issued a resolution to prohibit cash transactions in the insurance sector.
The General Insurance Association of Korea (GIAK) has launched the financial sector's first consumer protection council in line with financial authorities' push to strengthen consumer safeguards, reported the Chosun Daily.
The Insurance Regulatory Commission of Sri Lanka (IRCSL), celebrating its 25th anniversary, has announced major initiatives for the development of the Sri Lankan insurance industry.
The Insurance Council of Australia (ICA) has urged the federal parliamentary inquiry into local government funding and fiscal sustainability to increase support for local councils to strengthen flood defences amid more frequent extreme weather events.
The Insurance Complaints Bureau (ICB) in Hong Kong recorded 857 complaint cases last year, marking a 32.7% increase compared with the previous year.