The IRDAI has established a task force to examine the implications on the insurance sector of the new Digital Personal Data Protection Act, 2023 (DPDP Act).
There were a number of things Singapore deputy prime minister Lawrence Wong spoke about at the Global Insurance Forum 2023. One of the topics he covered was the profound shifting in the global economy and risk landscape. "It is moving from a period of benign globalisation to a new era of great power competition," he said, referring to Russia president Vladimir Putin's invasion of Ukraine and the ongoing conflict in Palestine.
The state-owned Sri Lanka Insurance Corporation (SLIC), the biggest composite insurer in the country, will be split into two entities, one relating to life insurance and the other to general insurance.
The insurance industry has now implemented new regulations that stipulate that insurance premiums have to be paid for the insurance coverage to be effective.
The Insurance Authority (IA) will work to enhance competitiveness, which will be reflected in the quality of services and provide an attractive environment for investment, the new regulator's chairman, Mr Abdulaziz Al-Bouq, has said.
The Insurance Association of China (IAC) has released an exposure draft of its proposed "Standards for Qualifying the Sales Capabilities of Personal Insurance Agents". The guidelines are currently at the feedback stage.
Several local-level regulatory authorities have issued window guidance to insurance companies on the development and filing of some short-term health insurance products in efforts to improve order in the market.
The Ministry of Human Resources and Social Security has issued a draft of the "Opinion on Strengthening the Standardised Management of Annuity and Pension Products".
Eight major non-life insurance companies have signed a protocol, committing themselves to discipline in the motor insurance branch.
Taiwan's insurance regulator will implement measures to assist insurance companies in their adoption of IFRS 17, enhance their resilience and support sustainable operations.