The Chinese insurance industry is looking out for the next moves of regulators relating to cross-border financial transactions after eight government agencies jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures and Fund Operations".
China's five major 'A'-listed insurance companies have abolished their supervisory boards in line with the new Company Law, which came into effect in 2024.
The Philippines' finance chief is being sued over the alleged diversion of funds from the country's state insurance institutions to the national treasury. The charges were filed by health reform advocate and former adviser to the Department of Health, Dr Tony Leachon. He filed plunder and technical malversation cases before the Office of the Ombudsman against Finance Secretary Ralph Recto over the PHP60bn ($1bn) diversion of funds from PhilHealth reserve funds and PHP107bn from the Philippine Deposit Insurance Corporation (PDIC).
Japan's Prudential Life Insurance has earmarked millions of dollars to compensate customers affected by employee misconduct.
The Financial Services Commission (FSC), South Korea's financial regulator, has conditionally approved Lotte Insurance's management improvement plan. Reports from South Korean media say this was approved at the FSC's regular meeting on 27 May. The move allows the insurer to proceed with a structured turnaround programme over the next 18 months.
Thailand's insurance regulator, the Office of Insurance Commission (OIC), is continuing efforts to develop high-potential employees.
Taiwan is seeking to expand the scale of its asset management industry as it aims to strengthen its position as a regional financial hub, reported The Japan Times.
The Philippines and the United Arab Emirates are working toward establishing a formal health insurance arrangement that would extend coverage to Filipino workers in the Gulf state, according to the Department of Health.
The Insurance Regulator of Cambodia (IRC) and the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) have signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation and building professional capacity within Cambodia's insurance sector.
The Australian financial system, including Australian Prudential Regulation Authority (APRA) regulated banks, insurers and superannuation funds, remains resilient in an increasingly volatile and interconnected world, according to the latest edition of APRA's System Risk Outlook report.