China's financial regulator, the National Administration of Financial Regulation (NAFR), plans to limit commission fees in bancassurance operations, in a move that could lead bancassurance fees to plunge by 50% or more.
The Insurance Working Group (IWG) of the European Chamber in China has suggested that Chinese regulators adjust the 'related party transaction' indicators in insurers' risk ratings to reflect the risk profile of bankassurers more accurately.
Shanghai International Group and seven other companies have received approval from the National Administration of Financial Regulation (NAFR) to establish Shenergy Property & Casualty Insurance with a registered capital of CNY10bn ($1.37bn).
The National Administration of Financial Regulation (NAFR) has approved the takeover of Evergrande Life Insurance, a unit of debt-ridden real estate giant China Evergrande Group, by a new state-owned insurer specifically set up for the purpose.
The Monetary Authority of Singapore (MAS), which is Singapore's central bank, has published its framework for designating domestic systemically important insurers (D-SIIs), and the inaugural list of four D-SIIs.
The implementation of the first Egyptian actuarial tables for life insurance will commence soon, which will contribute to supporting life insurance business and promoting the fair pricing of products, Dr Mohamed Farid, chairman of the Financial Regulatory Authority (FRA) has said.
The IRDAI has reportedly set up a steering panel to act as the apex decision-making body for the development of its ambitious platform, Bima Sugam. The launch of the platform has now been rescheduled for June 2024.
The Financial Services Commission (FSC) will unveil new measures in October to promote the pet insurance market.
The Financial Regulatory Authority (FRA) has spelt out requirements that insurance companies and cooperative insurance societies operating in the Egyptian market must meet in pricing insurance policies to ensure fair competition and to protect policyholders' interests.
The insurance sector's goal of achieving a penetration rate exceeding 1% seems more and more difficult to achieve, Mr Hassen Khelifati. CEO of Alliance Assurances, has said.