Kenya: Insurers oppose proposal to levy VAT on insurance compensation for goods losses
The Kenya government is proposing to levy the standard 16% Value Added Tax on insurance compensation received by owners for the loss of goods on which VAT is payable.
The National Insurance Commission (NAICOM) has mandated takaful and retakaful companies to appoint officers to be called NAICOM Relationship Officers.
The Victorian Government has announced in its 2023-24 Budget that it plans to abolish business insurance duty as it introduces tax reforms to help businesses and grow the economy.
The UAE insurance sector continued to grow in 2022, with the number of licensed entities increasing by 5.53% to 553 in 2022 from 524 in 2021, according to the Central Bank of the UAE (CBUAE).
With several banks cutting interest rates on customer deposits since mid-May, wealth management and insurance products have become the focus of attention.
The Indonesian Life Insurance Association (AAJI) does not rule out the possibility that there could be mergers and acquisitions in the sector to meet capital requirements over the longer term.
Life insurance companies in India are looking at new avenues and strategies to counter the impact of the removal of tax exemptions for non-unit-linked insurance policies with premium of over INR500,000 ($6,040) that was given effect in the 2023 Budget.
The IRDAI is working to implement, by 1 August, two high-tech projects - Health Claims Exchange and Bima Sugam - to deepen insurance penetration and simplify claims procedures.
The Indonesian regulator's proposal to raise minimum paid-up capital requirements for insurers may initiate a capital inflow into the sector, strengthening insurers' capital profiles and supporting the industry's development, Fitch Ratings says.
The General Committee for Insurance Companies has launched its "Stay Aware" campaign to raise public awareness about purchasing motor insurance policies from unlicensed parties.