The insurance intermediaries department of the CBIRC has issued its "Notice on Doing a Good Job of Cross Selling among Insurance Companies" which stipulates that an insurance company that acts as an agent for other insurance companies has to obtain an insurance agency licence from the local bureau of the CBIRC in the territory where the insurer is located. The licence is valid for three years.
The new statutory licensing and conduct regime for insurance intermediaries that takes effect from next Monday, 23 September, introduces the sixth designated control function for insurers.
Stakeholders have until 25 September to respond to the International Accounting Standards Board (IASB)'s June 2019 exposure draft on amendments to IFRS17. IASB published its proposals after IFRS17 was effectively re-opened for the board to consider limited changes in November 2018 even though it was published in 2017 as a final standard.
The Insurance Regulatory and Development Authority of India (IRDAI) recently launched its regulatory sandbox to market participants at an event organised by the insurance regulator in partnership with Confederation of Indian Industry (CII). It has started taking applications earlier this week with the application period concluding on 14 October.
The insurance and takaful sector continued to demonstrate resilience in the first six months of this year even under simulated scenarios of severe multi-year macroeconomic and financial shocks, notes the central bank, Bank Negara Malaysia (BNM) in its Financial Stability Review for the first half of this year.
The Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA) yesterday published their findings on life insurers' responses to the joint Conduct and Culture Review of the life sector. The regulators say in a joint statement that the findings indicate the need for additional obligations to be included in the regulation of life insurers.
Bangladeshi Finance Minister AHM Mustafa Kamal has said that insurance would be made compulsory in phases for flats, residential buildings, corporate offices, commercial buildings and structures, crops and livestock.
Bangladeshi Finance Minister AHM Mustafa Kamal has said that 31 insurers have to obtain a public listing to comply with regulations.
The number of insurance companies in Nigeria is forecast to shrink from 59 to around 25 by June next year when insurers have to meet new capital requirements set by the National Insurance Commission (NAICOM), according to Coronation Merchant Bank.
A good number of insurance companies in Senegal have already raised their minimum capital to comply with requirements set by the Council of Ministers of the Inter-African Conference of Insurance Markets (CIMA), says Mr Mamadou Deme, national insurance director at the Ministry of Economy, Finance and Planning.