The announcement by the National Financial Regulatory Administration (NFRA) earlier this month that it is removing limits on the number of insurance companies in bancassurance arrangements with banks is expected to have a considerable impact on the insurance market.
The Communist Party branch of the Resolution and Disposal Department of the National Financial Regulatory Administration (NFRA) has stating that it will improve the resolution process for insolvent financial institutions that will give priority to self-rescue funds to absorb losses, and explore the use of private capital to participate in the restructuring of ailing small and medium-sized financial institutions.
Thailand's insurance regulator, the Office of Insurance Commission (OIC), has launched an insurance database system (IBS) in collaboration with the Thai General Insurance Association and general insurance companies.
The National Tax Service, under the Ministry of Economy and Finance, is looking into the reasons why corporate tax revenues have failed to increase proportionately despite insurers recording their highest-ever net profits after the adoption of IFRS 17 in 2023.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive making it mandatory for all life, general and stand-alone health insurers to provide a minimum level of coverage in villages or gram panchayat. The objective is to realise the vision of "Insurance for All" by 2047.
Insurance companies should refrain from premium undercutting to ensure sustainable operations, the acting Commissioner of Insurance, Mr Michael K Andoh, has said.
Mr Olusegun Ayo Omosehin has assumed office as the head of the National Insurance Commission (NAICOM).
The National Financial Regulatory Administration (NFRA) has issued the "Notice on Matters Concerning the Insurance Agency Business of Commercial Banks", to promote the standardised and healthy development of bancassurance, better meet the diverse needs of consumers, and protect consumers' legitimate rights and interests.
Hong Kong's Insurance Authority (IA) published its consultation conclusions on six draft rules concerning the implementation of a risk-based capital (RBC) regime in April 2024. This action follows the Legislative Council passing the Insurance (Amendment) Ordinance 2023 and subsequent publishing of the six draft rules for public consultation in December 2023 and January 2024.
The government will not compel insurers to appoint a panel that can override their decisions on providing insurance coverage for disabled and neurodivergent persons, according to Mr Lawrence Wong, deputy Prime Minister and Minister for Finance, and chairman of MAS.