The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has decided to terminate the duties of all current board members of two insurance companies, appoint new board members, and entrust the management of the companies' insurance portfolios to the Assurance Account (Guvence Hesabi).
The Insurance Development and Regulatory Authority (IDRA) has yet to set up the Life Policyholders Protection Fund although more than a decade has passed since the government initiated the proposal.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has increased the minimum capital requirements to establish insurance and reinsurance companies.
Several banks in Vietnam have reported a decline in bancassurance sales in the first nine months of this year, with the trend expected to continue into the new year, as a consequence of tighter regulatory scrutiny and consumer complaints about mis-selling or forced purchases of insurance policies.
The Finance Ministry has amended the Insurance Ombudsman rules to increase the maximum compensation amount that the Ombudsman can award to INR5m ($60,000). Previously, the ceiling was capped at INR3m.
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.