The National Financial Regulatory Administration (NFRA) has approved a licence for a new insurer to be registered in the city of Suzhou in the eastern province of Jiangsu. The proposed name of the insurer is Suzhou Dongwu Property Insurance Co.
While proposed reforms by IRDAI would allow for full foreign ownership of insurance companies in India, many international investors may still prefer to enter the market through joint ventures with Indian partners, particularly in the initial stages, says the global law firm Freshfields.
The National Insurance Commission (NAICOM) has highlighted the need for the boards of insurance companies to embed robust Governance, Risk, and Compliance (GRC) frameworks in their companies' operations.
The Life Insurance Association of Malaysia (LIAM) says it will start publishing data on medical procedure costs in private hospitals from mid-2025 in line with a directive by Bank Negara Malaysia (BNM). The public will then be able to compare medical costs between private hospitals.
The insurance regulator in Ghana is revamping the method for calculating the insurance penetration rate calculation, by adding data for branches such as health insurance and pension insurance to the computations.
With effect from 30 November 2024, all mini electric bikes or scooters should be covered by compulsory automobile third-party liability insurance, and must be registered, and display the licence plate.
Finance Minister Nirmala Sitharaman has said that the cost of insurance to policyholders is expected to fall if the GST Council recommends a reduction in the GST rate on health and life insurance policies.
The central bank, Bank Negara Malaysia, yesterday released a policy document specifying the minimum requirements for enhanced consistency and comprehensive transparency aimed at improving information disclosure of financial products offered by financial service providers (FSPs), including insurance companies and takaful operators.
The National Insurance Commission (NAICOM) has directed insurance companies to settle all outstanding claims by 31 December 2024, in a move to ensure industry credibility and sustainable growth.
Tourists visiting in Bahrain will soon need to include health insurance as part of their visa application process, with an additional fee to cover emergency and accident-related care.