APRA and ASIC agreed that investment governance is an area of ongoing importance for superannuation industry attention, according to statements released yesterday by the two regulators.
The central government is planning to increase the sum insured under two of its flagship insurance schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The Competition Authority of Kenya (CAK) has approved the proposed acquisition of 51% shareholding in Monarch Insurance by a consortium of three firms, Ondoba, Kenyoro and Equico Thirteen.
British insurer Aviva has said that its India unit is "actively engaging" with local authorities in connection with alleged tax evasion practices, reported Reuters.
Minority shareholders of insurance companies are asking the board and management of insurers about their readiness for recapitalisation.
Residential property insurance should be made a requirement, much like motor third-party liability insurance, to protect against risks like damage caused by accidents and disasters. This message is being increasingly sounded.
The National Financial Regulatory Administration (NAFR) has addressed more fully questions about allowing cross-border insurance access between mainland China and Hong Kong and Macau.
The Philippine Insurance Commission (IC) has issued guidelines on the conduct of institutional risk assessment relating to anti-money laundering and combating the financing of terrorism (AML/CFT) by insurance entities to ensure that such a review is carried out comprehensively and uniformly.
Significant protection gaps still exist in Malaysia, particularly among the vulnerable segments of the population, and a multi-faceted approach is critical to narrow them, with the insurance sector taking on greater ownership, according to Mr Adnan Zaylani Mohamad Zahid, deputy governor of Bank Negara Malaysia (BNM).
The General Insurance Code Governance Committee (CGC) says that training for external experts has emerged as an area needing improvement in the insurance sector.