The Annuity Working Group (AWG), formed by the Securities and Exchange Commission of Pakistan (SECP), has proposed the development of a regulatory framework to guide pension fund managers in dealings with fund participants at retirement age.
The Securities and Exchange Commission of Pakistan (SECP) has released a report by its Annuity Working Group (AWG) that highlights key gaps in the current retirement landscape and proposes measures to broaden access to lifetime income solutions and strengthen Pakistan's retirement income framework.
South Africa's economy and large life insurance sector have an outlook of steady growth and improving resilience, supported by reforms that remove some of the constraints on key sectors such as transportation and pensions, according to a Swiss Re Institute (SRI) report.
China's upcoming 15th Five-Year Plan has outlined a comprehensive blueprint to strengthen the country's social welfare and population support systems while reinforcing agricultural incentives to ensure food security and rural revitalisation. Released on 28 October, the proposals underscore Beijing's focus on building a more inclusive, resilient and sustainable social safety net that supports an ageing population and secures farmers' incomes through policy coordination and insurance mechanisms.
These are the highlights for events and updates across the insurance industry this week.
These are the updates on insurance regulatory developments in China.
Ministry of Human Resources and Social Security (MOHRSS) vice minister Li Zhong said at a recent press conference that the basic pension insurance fund's assets under management have reached CNY2.6tn($358bn), doubling from the end of the 13th Five-Year Plan (China's economic and social development blueprint for 2016-2020). Since investment operations began in late 2016, the fund has achieved positive returns for eight consecutive years, with an average annual yield of 5.15%, successfully preserving and growing its value.
The Insurance and Pensions Commission (IPEC) says that the sector has invested millions of dollars in agriculture, energy and infrastructure development in line with prescribed asset regulatory requirements.