Recently, to enforce stricter supervision of universal life insurance and ensure it returns to its core role of providing protection, the National Financial Regulatory Administration (NFRA) issued a notice titled 'Notice on Strengthening the Supervision of Universal Life Insurance'.
These are the updates on insurance regulation across China this week.
The Financial Services Authority (FSA) has issued a circular to the CEOs and general managers of insurance and takaful companies pressing home the message that they cannot refuse to insure electric vehicles (EVs) or renew the motor policy as long as the vehicle satisfies the stipulations stated in the Traffic Law.
Malaysian member of parliament Sim Tze Tzin has asked Bank Negara to reform the country's medical insurance premium pricing system. He said the regulator should specially look at why a policyholder's health insurance premium rises sharply when the person moves from one age-bracket to another, even though the person becomes just a day older.
China has banned the use of the terms 'smart driving' and 'autonomous driving' in advertisements by carmakers. Also, software updates related to driving functions in intelligent and connected vehicles can now be updated remotely only with prior regulatory approvals. The new directives were issued by the Chinese ministry of industry and Information Technology earlier this month.
The Insurance (Amendment) Bill, 2025, is currently being prepared for its first reading in the Senate. If passed, it will amend the Insurance Act, to provide more robust protection against discriminatory practices, ensuring that all Kenyans have equal access to insurance.
Further market consolidation is likely in 2025, especially if those listed insurers currently under regulatory scrutiny for not meeting solvency capital requirements fail to recover within the specified timeframe, Fitch Ratings says in a new report.
Malaysia's insurance regulator, Bank Negara Malaysia (BNM) has announced two new appointments to the Shariah Advisory Council (SAC), namely Professor Amir Shaharuddin and Professor Abdul Rahim Abdul Rahman.
The first captive insurer formed by a multinational enterprise based in Hong Kong has received authorisation from the Insurance Authority (IA).
The Insurance Regulatory and Development Authority of India (IRDAI) has retained the obligatory cession in favour of the state-owned Indian reinsurer GIC Re at 4% for financial year 2025-26.