The chairman and general manager of the non-life insurer, Funde Property & Casualty Insurance, have been dismissed from their posts on the same day, a move which is unusual in the insurance market.
The Central Commission for Discipline Inspection (CCDI) and the National Supervision Commission (NSC) announced on 31 May that Lin Zhiyong, a former secretary of the party committee and president of PICC P&C Insurance was suspected of serious violations of discipline and the law. He is currently facing an investigation.
Sydney-headquartered QBE Re has announced significant changes to its organisational structure as part of its strategy to further align and unify the global structure of the business.
The Insurance Board (IB) has barred board members of insurance companies from assuming the position for more than two terms.
The Appointments Committee of the Cabinet has appointed former Financial Services Secretary Debasish Panda to be the new IRDAI chairman for a term of three years.
The Securities and Exchange Commission of Pakistan (SECP) has decided to introduce new conditions for the appointment of the chief executive or principal officers or directors. of insurance companies.
The Finance Ministry has proposed to appoint Oriental Insurance chairman Anjan Dey to also be chairman of a rival insurer, namely New India Assurance.
UK-based Prudential has announced that its board of directors is conducting a search for a Group CEO to be based in Asia, given the refocused nature of the company's business.
Insurance entities and banks should actively search and appoint professionals with an IT background to the board of directors or senior management, says the CBIRC.
The Insurance Association of China (IAC) has issued the "Code of Professional Ethics for Directors, Supervisors and Senior Management of Insurance Companies" and the "Implementation Guideline for the Performance Evaluation of Directors and Supervisors of Insurance Institutions".