The Securities and Exchange Commission of Pakistan (SECP) has entered the second phase of its end-to-end digital transformation and automation project, LEAP (Leading Efficiency through Automation Prowess), thereby automating its regulatory approvals and licensing regime.
The Indonesian General Insurance Association (AAUI) has called for third-party liability (MTPL) insurance to be made mandatory for all vehicles, saying that the number of motor accidents has been rising.
South Africa's President Cyril Ramaphosa has signed into law a Bill that aims to provide universal health coverage, reported Reuters.
The announcement by the National Financial Regulatory Administration (NFRA) earlier this month that it is removing limits on the number of insurance companies in bancassurance arrangements with banks is expected to have a considerable impact on the insurance market.
The Communist Party branch of the Resolution and Disposal Department of the National Financial Regulatory Administration (NFRA) has stating that it will improve the resolution process for insolvent financial institutions that will give priority to self-rescue funds to absorb losses, and explore the use of private capital to participate in the restructuring of ailing small and medium-sized financial institutions.
Thailand's insurance regulator, the Office of Insurance Commission (OIC), has launched an insurance database system (IBS) in collaboration with the Thai General Insurance Association and general insurance companies.
The National Tax Service, under the Ministry of Economy and Finance, is looking into the reasons why corporate tax revenues have failed to increase proportionately despite insurers recording their highest-ever net profits after the adoption of IFRS 17 in 2023.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive making it mandatory for all life, general and stand-alone health insurers to provide a minimum level of coverage in villages or gram panchayat. The objective is to realise the vision of "Insurance for All" by 2047.
Insurance companies should refrain from premium undercutting to ensure sustainable operations, the acting Commissioner of Insurance, Mr Michael K Andoh, has said.
Mr Olusegun Ayo Omosehin has assumed office as the head of the National Insurance Commission (NAICOM).