Insurers, superannuation funds and banks in Australia will now need to meet higher standards of operational risk management as new requirements for operational risk management laid down by the Australian Prudential Regulation Authority (APRA) have come into force.
The insurance industry's move to adopt a new prudential framework for risk-based solvency (RBS) is nearing completion.
The Insurance and Private Pension Regulation and Supervision Agency's new regulation on determining totally wrecked and severely damaged vehicles has entered into force, starting an era in which grievances about damaged vehicles and unregistered practices in the sector will be reduced.
These are the updates on insurance regulatory developments in China.
The Australian Securities and Investments Commission (ASIC) has warned the public to stay away from pushy sales tactics that recommend quick superannuation switches.
As the adoption of artificial intelligence (AI) systems accelerates globally, the International Association of Insurance Supervisors (IAIS) released on 2 July the final version of an application paper on supervision in this field to support the insurance industry. The association says in the paper that no new standards are proposed at this stage.
At a public outreach seminar conducted in Takeo province, titled 'Procedures for Receiving and Resolving Insurance Complaints', Insurance Regulator of Cambodia (IRC) director general Bou Chanphirou highlighted the growth and strengthening of Cambodia's insurance sector, according to news platform the Khmer Times.
At the 2025 Arbitration Seminar at Centara Grand Central Plaza Ladprao, Bangkok, Office of Insurance Commission secretary-general Chuchat Pramulphon emphasised that alternative dispute resolution by arbitration is an important mechanism to protect the rights of insured persons without having to bring a case to court. This helps in quick, economic and appropriate dispute resolution in the context of insurance contracts.
The Ghana Revenue Authority (GRA) has implemented a 15% Value Added Tax (VAT) on non-life insurance premiums, starting on 1 July 2025.
The Moroccan insurance sector is entering the second half of 2025 with very favourable momentum, despite the significant disruptions affecting the global economy, according to the Moroccan Insurance Federation (FMA).