The Ministry of Finance is currently studying the new draft law on the financial market, which will replace 1993 stock exchange legislative decree. Among the important reforms is the inclusion of insurance companies as intermediaries in stock exchange operations, Islamic bonds and green financing, which will contribute to strengthening this market and making it more attractive, said the Algerian Union of Insurance and Reinsurance Companies (UAR) general director Abdelhakim Berrah.
Regulatory oversight in agricultural insurance is intensifying. End of last year, the National Financial Regulatory Administration, Ministry of Finance, Ministry of Agriculture and Rural Affairs, and National Forestry and Grassland Administration jointly issued the 'Ten Guidelines for Promoting Precision in Agricultural Insurance Underwriting and Claims' (referred to as the guidelines). This policy emphasized standardizing the agricultural insurance market. Soon after, local regulators began responding.
On 7 January, the Opinions of the Central Committee of the Communist Party of China and the State Council on Deepening the Reform and Development of Elderly Care Services were released. The document emphasizes improving fiscal support policies, with central budget investments actively supporting the construction of the elderly care service system. It also calls for the vigorous development of elderly care finance to meet the credit and financing needs of elderly care institutions.
These are the updates on insurance regulation across China this week.
These are the highlights for all events and updates across the industry this week.
The Social Insurance Organisation (SIO) announced a 1% increase in employer contributions to mandatory social insurance, effective January 2025. According to a circular sent to the owners of companies, the total employer contribution will rise to 17%.
Vietnam Social Security Organisation has expressed confidence that its unemployment insurance fund is in surplus of around VND63tn ($2.6bn) and is sufficient to provide the intended benefits to public employees and workers affected by organisational restructuring exercise.
The Insurance and Social Security Supervisory Authority (ACAPS) in Morocco is currently conducting a feasibility study on the introduction of mandatory home insurance. This approach is part of a comprehensive vision of protection against home-related risks and modernisation of the insurance framework in Morocco, reported Hespress.
The Indian union cabinet has cleared the revamped versions of its two-flagship crop-insurance schemes to mitigate growing climate risks for the Indian farmers. The government has also extended the duration of these two crop insurance schemes - Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS) - for one more year till 2025-26. A total budget of INR695158m has been allocated for these two schemes.
Thailand's National Cyber Security Agency (NCSA) is actively working to establish a cyber fraud insurance framework to face the growing threats from burgeoning cyber risks and data breaches. This initiative is expected to aid organisations in the country in managing their cyber risks as detailed in the country's Cybersecurity Act and Personal Data Protection Act.