As of March 13, data shows that insurance companies nationwide have received 216 fines, totalling CNY69.36m ($9.57m).
These are the updates on insurance regulation across China this week.
Hong Kong's insurance regulator, the Insurance Authority (IA), has instigated a conviction against Aurex Insurance Brokers, a licensed broker company. This is the first time the IA has instigated such an action.
Pakistan's insurance regulator, the Securities and Exchange Commission of Pakistan (SECP) has issued a consultation paper eliciting public input on a proposed policy framework for the issuance of ordinary shares with varied rights and privileges by companies.
The Australian Prudential Regulation Authority (APRA) has made minor changes to reporting standard SRS 101.0 Definitions for Superannuation Data Collections, reporting standard SRS 553.0 Investment Exposure Concentrations and Valuations and reporting standard SRS 606.0 RSE Profile to align to the APRA Connect taxonomy and clarify reporting requirements.
Malaysia's insurance regulator, Bank Negara Malaysia (BNM), has appointed Encik Aznan bin Abdul Aziz as deputy governor for a three-year term, effective 1 April 2025, and Ms Cindy Siah as assistant governor.
The chairman of the Financial Regulatory Authority (FRA) Dr Mohamed Farid has emphasised the importance of establishing actuarial departments within insurance companies, given the vital role actuarial models and estimates play in assessing risks, pricing insurance products and enhancing insurance companies' financial stability.
India's first private sector reinsurance company is set to commence operations soon.
The Saudi Council of Health Insurance has issued a decision requiring all government healthcare facilities to contract with health insurance companies, with effect from 1 July 2025.
Initiatives and regulations introduced by the Insurance and Private Pension Regulation and Supervision Authority (SEDDK) has stemmed the use of fake surety insurance policies in the country, according to Insurance Association of Turkey (TSB) vice president Ahmet Yasar.