The State Council, which is China's cabinet, has issued the notice, "Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of the Insurance Industry". The "Opinions" set out measures to be taken for the reform and development of China's insurance industry in the next five to 10 years.
The lack of clarity and transparency in supervisory rating indicators and their respective scales risks penalising small and foreign insurers, thereby hindering China's efforts to create both a diversified market and a level playing field, says the Insurance Working Group (IWG) of the European Union Chamber of Commerce in China.
Unclear regulations on regional HQs of foreign insurance companies limit their ability to provide services and perform equity management functions for entities within their group, thereby disrupting daily operations, says the Insurance Working Group (IWG) of the EU Chamber of Commerce in China.
The Council of Australian Life Insurers (CALI) has said that it welcomes a Federal Government ban on the use of genetic test results in insurance underwriting.
The Competition Council (CC) has pointed out major structural challenges facing the insurance market, among several other key sectors of the economy, stressing the urgent need to promote genuine competition in the market.
Nepal Insurers' Association (NIA) has filed a writ petition against the government in the country's supreme court for not settling the payments due to the insurers for the COVID-19 claims incurred in 2020-21. NIA has sought the highest court's intervention to make the government liable to pay the insured amounts. NIA is the umbrella organisation of country's non-life insurers.
The standing committee of China's top legislative body, the National People's Congress, earlier this week reviewed a draft decision of the Communist Party on gradually raising the statutory retirement age, the Xinhua News Agency reported.
Turkiye's Compulsory Disaster Insurance scheme (ZAS) is set to be launched officially at the beginning of 2025.
The Insurance Authority (IA) is committed to reviewing the different parameters embedded in the risk-based capital (RBC) regime, with an emphasis on creating sufficient incentives for insurers and broker companies to place larger volumes of business in Hong Kong, according to the agency's chairman Mr Stephen Yiu.
The Independent Code Review Committee has issued its interim report on its review of the General Insurance Code of Practice, which contains 104 recommendations which cover a number of areas, including financial hardship, customer vulnerability, claims handling, enforceability and governance.