The Financial Regulatory Authority (FRA) issues a decision to increase the minimum capital of insurance companies to enhance financial solvency and as part of the implementation of the Unified Insurance Law. Insurance companies are required to increase their capital to EGP600m ($11.9m) within two years.
Nepalese prime minister KP Sharma Oli has asked the ministry of health and population to formulate on priority an action plan for reforms based on the report of the Health Insurance Reform Suggestion Task Force.
The Syrian Insurance Federation (SIF) issued a statement expressing its regret that the bank accounts of insurance companies and SIF have been frozen in pursuant to the instructions of the Central Bank for more than a month without clarifying the reasons for this freeze from the relevant authorities.
The Insurance and Social Welfare Supervisory Authority (ACAPS) and the Moroccan Insurance Federation (FMA) announced the entry into force of the compulsory 'workshop risk' and 'decennial liability' insurances, starting 30 December 2024.
As 2025 begins, regulatory announcements continue to highlight the closure of insurance branches, reflecting the ongoing trend of streamlining operations across the industry.
These are the updates on insurance regulation across China this week.
Indonesia will introduce free medical screenings next month as part of the country's effort to detect various diseases early and avoid preventable deaths according to the government.
In a major exercise lasting over seven months, to detect, curb and resolve insurance fraud cases, the Chinese police and regulatory authorities have been able to resolve over 1400 insurance fraud crime cases amounting to more than CNY1.5bn ($205m).
Australian insurers are failing to identify one in six customer complaints, effectively denying those Australians critical protections available through the Internal Dispute Resolution (IDR) regime.
Egypt's Financial Regulatory Authority adopts a package of measures to implement the new Unified Insurance Law with technology and modernisation of the sector being a top priority.