Insurance authorities have granted approval for the establishment of a new insurance company headquartered in Suzhou, a vibrant city in eastern China. The new company, with a national licence, is registered as Dongwu Property & Casualty Insurance.
While Managing General Agents (MGAs) are being recognised as a useful innovation tool in less developed insurance markets, they are currently not eligible to operate in India, according to Global Insurance Law Connect (GILC), the network of specialist insurance law firms.
Participating life insurance policies have seen a significant decline in their share of net premium in the life insurance and family takaful sector in Malaysia in recent years, according to an article in the "Financial Stability Review 1st Half 2024" publication released by the central bank, Bank Negara Malaysia (BNM).
Insurance clinics have been launched for market traders and artisans and other informa-sector workers in the Greater Accra Metropolitan Area (GAMA) to promote insurance inclusion and penetration.
The Insurance Association of Türkiye (TSB) is coordinating with all stakeholders, including the government, to forge a plan with a new vision and fresh targets for the coming decades with the main goal of raising the penetration rate.
Financial resilience is a top priority for the insurance authorities in Türkiye and there are great efforts being made to strengthen the insurance sector, said Mr Davut Mentes, chairman of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).
Life insurance policyholders are entitled to receive a higher surrender value following new rules from the IRDAI which took effect from 1 October.
The lnsurance Commission (lC) has announced the start of the first industry-wide morbidity study among all insurance companies selling health insurance products as well as all Health Maintenance Organisations (HMOs).
The Insurance Council of New Zealand (ICNZ) is urging the government to ensure that its proposed Resource Management Act (RMA) changes help protect local communities by avoiding building in "dumb" places.
Insurance companies are looking forward to the establishment of an independent supervisory authority as part of reforms to be brought about by a new insurance law.