Taiwan's financial regulator yesterday rejected a takeover bid by financial conglomerate CTBC Financial Holding for rival Shin Kong Financial Holdings, saying that the latter's plans on how to implement the merger were incomplete.
Motorcycle liability insurance premiums totalled VND431.8bn ($17.6m) in the first half of 2024, with claims amounting to nearly VND42bn, according to official statistics. This reflects an improved payout rate compared to previous years.
The central government has expanded the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PMJAY) to provide health coverage to people aged 70 years and above, regardless of their income level.
The Commissioner for Insurance, Mr Olusegun Omosehin, has identified five strategic priorities to transform the industry.
The Financial Regulatory Authority (FRA) has announced its decision for insurance companies to apply Egyptian Accounting Standard (EAS) No 50 on insurance contracts, starting with financial statements for the year 2025.
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.