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.
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.
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 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.
Australasia's specialist insurance & risk law firm Wotton + Kearney officially opens its Asia hub in Singapore this week, establishing itself as a major legal player in insurance and risk across the Asia Pacific region. Wotton + Kearney's Asia move represents a first for an Australian-domiciled insurance and risk law firm.
The Financial Services Authority (OJK) is working with relevant ministries and institutions to issue regulations covering Mandatory Third Party Liability (TPL) Insurance.
The life insurance market in Taiwan is navigating several developments including the adoption of localised Insurance Capital Standards (TW-ICS) and International Financial Reporting Standard 17 (IFRS17) in 2016, and the pressure to raise additional capital of around NT$100bn ($3.1bn) to meet solvency rules.
Australia is facing an advice accessibility crisis, according to Ms Christine Cupitt, CEO of the Council of Australian Life Insurers (CALI), who said that life insurers want Australians to have more choice when it comes to getting advice about their life insurance needs.
Abu Dhabi-listed HAYAH Insurance has secured a licence from the Securities and Commodities Authority to provide comprehensive corporate pension management services.