The Kenyan government has withdrawn the proposed 2.5% levy on motor vehicles in the Finance Bill 2024 in the face of the tax's likely unfavourable impact on the insurance industry.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has expanded the scope of coverage of building completion insurance, which was introduced in 2015.
The Pension Fund Regulatory and Development Authority (PFRDA) is set to issue new guidelines for the sector, its chairman Hemant Contractor has said.
The Commonwealth, state and territory building ministers have decided to include climate resilience as a specific objective of the Australian Building Codes Board (ABCB) from 2025.
The IRDAI has asked insurance companies to form an advertisement committee, approved by the board of directors, and appoint a senior-level officer of the distribution channel to examine and approve advertisements. This is to ensure that the advertisements are true and not misleading.
Accelerating the development of the insurance industry will help improve China's financial market structure, optimise the allocation of financial resources, and enhance the stability of the financial system, a top Chinese regulatory official has said.
Tian'An P&C Insurance, whose management has been taken over by financial regulators since 2020, will be declared bankrupt and liquidated while its assets and liabilities will be transferred to the start-up Shenergy P&C Insurance, according to an official of the Property Insurance Department of the National Financial Regulatory Administration (NFRA).
The State Council, which is China's cabinet, has spelt out several measures to promote the high-quality development of venture capital, including encouraging long-term funds, such as insurance funds, to invest in the venture capital sector to boost innovation.
The Confederation of General Insurance Agents' Associations of India, an umbrella body of non-life insurance agents, has called on the government to slash the GST (Goods & Services Tax) rate on individual health insurance policies to 5% from the current 18% to encourage people to buy these policies.
The Insurance Council of Australia (ICA) has outlined its support for strengthening the General Insurance Code of Practice (Code) in a number of areas, including financial hardship, customer vulnerability and claims handling.