The National Assembly's Standing Committee on Commerce has urged Pakistan National Insurance Company Limited (NICL) and Pakistan Reinsurance Company (PAKRe) to focus on strengthening their role in the private sector and expanding public relief efforts.
The Office of Insurance Commission (OIC) has revamped motor insurance regulations for the first time in nearly 20 years, with a pilot run to be launched next year.
The Central Bank of Jordan (CBJ) has completed preparing a draft insurance law, according to a statement by the regulator released last week.
The Insurance Association of Turkiye (TSB) has announced that it has become mandatory for buyers of second-hand vehicles to have compulsory motor third-party liability insurance (traffic insurance) before the vehicle purchase transaction.
The Insurance and Social Security Supervisory Authority (ACAPS) has been re-elected as vice-chair of the executive committee of the International Association of Insurance Supervisors (IAIS), in the person of Mrs Siham Ramli, director of Communication and International Relations.
The International Association of Insurance Supervisors (IAIS) has adopted the first comprehensive global capital standard for insurance supervision, the Insurance Capital Standard (ICS), providing a risk-based measure of capital adequacy for internationally active insurance groups (IAIGs).
The IRDAI and the Finance Ministry's Financial Services Department have voiced support for a proposal to cut GST on insurance premiums.
The National Financial Regulatory Administration (NFRA) has approved a licence for a new insurer to be registered in the city of Suzhou in the eastern province of Jiangsu. The proposed name of the insurer is Suzhou Dongwu Property Insurance Co.
While proposed reforms by IRDAI would allow for full foreign ownership of insurance companies in India, many international investors may still prefer to enter the market through joint ventures with Indian partners, particularly in the initial stages, says the global law firm Freshfields.
The National Insurance Commission (NAICOM) has highlighted the need for the boards of insurance companies to embed robust Governance, Risk, and Compliance (GRC) frameworks in their companies' operations.