An independent agency should be established to regulate the insurance sector to enable it to attain its fullest potential and contribute meaningfully to national development, according to Mr Saye Gbalazeh, who is the immediate past president of the Liberia Insurance Association.
Only nine of Ethiopia's 18 insurance businesses have paid 15% of the net income they reported in the previous fiscal year to purchase bonds from the Development Bank of Ethiopia (DBE), with the deadline set by the central bank approaching.
The Central Bank of the UAE has called on insurance agents, insurance brokers, and health insurance management companies to maintain suspense accounts for each insurance company.
The Finance Ministry has proposed that the insurance law be amended to allow composite licences to be granted to insurers to sell different financial products.
More foreign companies are likely to enter the insurance market in the Philippines as the deadline looms for the final tranche of required capital increases -- a move that would impact small local insurers.
The Central Bank of UAE has announced its intention to create a dedicated ombudsman -- Sanadak -- to deal exclusively with consumer complaints.
The CBIRC has announced that it is launching a pilot programme in which standalone pension insurers undertake new commercial pension operations. The trial begins on 1 January 2023 and tentatively scheduled to last for one year.
The CBIRC has revised and issued the "Measures for the Supervision and Evaluation of Corporate Governance of Banking and Insurance Institutions" to improve supervision of corporate governance in financial institutions and to prevent and defuse corporate governance risks.
The corruption case against Chen Yong, a former vice chairman and president of China Continent Property & Casualty Insurance, has been handed to the procuratorate for review and prosecution.
The Finance Ministry government is proposing to remove the minimum paid-up capital requirements for carrying out life, general and health insurance business in India as part of a significant revamp of its insurance framework.