The CBIRC is seeking feedback on draft regulations to implement Phase 2 of China Risk Oriented Solvency System II (C-ROSS II), that among things, would help the regulator get to the bottom of the underlying assets in which insurers invest that are obscured by financial manoeuvres or arrangements such as nesting.
The life insurance supervision department of the CBIRC has established a new "negative list" for life insurance products in order to further regulate the product development and management at life insurance companies, curb life insurance product risks, and protect the interests of consumers.
The Monetary Authority of Singapore (MAS) has revised its Technology Risk Management Guidelines to keep pace with emerging technologies and shifts in the cyber threat landscape.
The Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) has increased the coverage ceiling of the Compulsory Earthquake Insurance scheme (DASK) to TRY268,000 ($36,000), 20% higher than the previous cap of TRY240,000.
India is likely to link motor insurance premiums with traffic violations as recommended by a working group of Insurance Regulatory and Development Authority of India (IRDAI).
The government is seeking to appoint a new chairperson for the Beema Samiti, the country's insurance regulator.
The Insurance Development and Regulatory Authority (IDRA) has directed all insurers to comply with rules that require their sponsors to raise the stakes they hold to 60% in their respective companies and the companies' minimum paid-up capital to BDT300m-400m ($3.5m-4.7m) within one month.
Insurance companies are now allowed to issue subordinated insurance capital bonds (ICBs), which can be another way of insurers managing their finances. Under a new notification by the Capital Market Supervisory Board (CMSB), the proceeds from ICBs may be counted as part of total capital available (TCA), comments global law firm Baker McKenzie.
The National Insurance Commission (NAICOM) is proceeding with its plans for various policies and initiatives to develop the insurance sector despite challenges such as the suspension of the recapitalisation exercise, COVID-1, #EndSARs and others.
Supervision of the insurance market in Angola is weak with poor compliance with regulations by local players, says Fitch Ratings in a recent report.