Australian regulators are shifting from monitoring the implementation of post-Financial Services Royal Commission regulatory reform, to scrutiny of compliance on an ongoing basis, points out the global law firm Clyde & Co.
The Kuwait Insurance Federation (KIF) has urged its members to submit proposals to the Insurance Regulatory Unit (IRU), for the authority to revise any decision that insurers deem necessary to amend.
The government is pushing for changes, including higher limits for the ombudsman, to enable insurance disputes to be resolved in a timely manner.
The health insurance sector in Bahrain will see nearly BHD50m ($133m) pumped into it on the implementation of the compulsory insurance scheme.
The Saudi Central Bank (SAMA) has said that it is mandatory for all insurance companies to upload vehicle insurance policies of all types (Corporate/individuals), to their computer system, so that the uploading process is synchronised with the completion of the policyholder's purchase of the policy.
The Life Insurance Department of the CBIRC is reported to have held a forum with the Insurance Association of China and representatives of more than 20 insurance companies to discuss liability costs and asset-liability management in the life insurance industry.
China's plan to centralise the supervisory agencies for most financial sectors should reduce regulatory gaps and support efforts towards a framework that can monitor and address risks more systematically across the financial system, says Fitch Ratings.
The insurance sector in Taiwan has the highest exposure to Credit Suisse at NT$108.2bn ($3.6bn) as of the end of January 2023, according to data from the Financial Supervisory Commission (FSC).
The Australian Securities and Investment Commission (ASIC) has highlighted several areas where superannuation trustees should be making meaningful improvements to deliver better insurance outcomes for members.
Bank of Baroda's 65%-subsidiary IndiaFirst Life Insurance has received approval from the Securities and Exchange Board of India's (SEBI) for an initial public offering (IPO).