The average commission level of the bancassurance channel in China has fallen by 30% since August 2023 when the National Financial Regulatory Administration (NFRA) ordered that commission fees paid to banks must be consistent with the rates reported to the regulator.
The Economic Development Committee (EDC) of the Executive Yuan yesterday approved a trillion-dollar national development plan, hoping to guide funds -- in particular, insurance funds invested overseas -- to invest in social housing, water recycling plants, and other strategic projects.
The Compulsory Insurance Programme, including vehicle insurance, is still awaiting the issuance of rules as the regulatory framework for its implementation, according to Mr Ogi Prastomiyono, chief executive of the Financial Services Authority's (OJK) Insurance, Guarantee, and Pension Fund Supervision.
Ghana has been unable to upscale the newly set-up Agricultural Insurance Fund even though the pool started well, according to Mr Kofi Andoh, the acting Commissioner of Insurance.
Commercial banks can continue to sell investment-linked insurance products through the bancassurance channel.
Egyptian President Abdel-Fattah el-Sissi has ratified the Unified Insurance Law which has also been published in the Official Gazette that was issued on 10 July 2024.
The Financial Services Authority (OJK) launched the "Roadmap for the Development and Strengthening of Indonesian Pension Funds 2024-2028".
Thailand's finance minister Pichai Chunhavajira has ordered the revocation of the licence of Syn Mun Kong Insurance Public Company Limited, once a major non-life insurance provider in the country. The order took effect on 4 July 2024.
The Indian government is likely to introduce a Bill seeking amendments to the Insurance Act, 1938, during the Budget session set to begin on 23 July.
The latest draft of China's proposed law on financial stability, published on 28 June 2024, stipulates that all financial activities must be supervised.