Malaysia: Transport ministry to study making motor insurance compulsory for private car passengers

...The Ministry of Transport (MOT) will look at the implications of making car insurance compulsory for private car passengers....

Low-altitude insurance market to reach up to US$1.38bn by 2035

...regulations. ...

India: Life market expected to grow by 15% in next 3-5 years

India: Govt plans insurance law changes for composite licence, 100% FDI

...The Indian government plans to amend insurance laws in the ongoing session of Parliament to facilitate a unified licence for insurers and raise the foreign direct investment (FDI) limit to 100% from the current 74%, reported Reuters quoting two government sources....

Australia: Govt outlines actions to improve retirement phase of superannuation

...regulations will support innovation in quality retirement products, giving members more options that meet their needs and helping them make the most of their super....

Egypt: Life insurance sector has huge room for growth

...regulations concerning digital marketing channels. The insurer is studying decisions made by the Financial Regulatory Authority on digital transformation in the insurance industry, and to draw up pla...

Nigeria: Insurance regulator and data security agency cooperate to reinforce data protection

...regulations...

China: Insurance industry's solvency seen as adequate at 30 Sep

...China's insurance sector maintained steady operation and adequate solvency in the third quarter of the year, according to data released by the country's financial regulator....

Pakistan: SECP rejoins international pension supervisors' organisation as governing member to strengthen reforms

...The Securities and Exchange Commission of Pakistan (SECP) has re-joined the International Organisation of Pension Supervisors (IOPS) as a Governing Member, marking a pivotal step in Pakistan's commitment to strengthening the pension sector....

NFRA chief says insurance industry should accelerate shift from pursuing scale to focussing on value

...regulations, a weak economy, and declining interest rates, insurers in China are shifting to more high-value products....

China: Regulator outlines efforts to promote Hong Kong's international financial status

...The National Financial Regulatory Administration (NFRA) will encourage mainland Chinese insurers and banks to set up headquarters in Hong Kong for international operations, said the head of the regulatory agency, Mr Li Yunze....

Singapore: MAS approval required only for products with features entirely new to life insurance industry

...regulations and guidelines. The ex-ante notification allows MAS lead time to review the product materials and engage the insurer in further discussion (if necessary) before the product is officially...

UN-led forum launches first-of-its-kind global roadmap for insurers in transition to net zero

...regulations relevant to transition plans, and the evolution of transition plan frameworks and guidance. A growing number of governments and insurance and financial regulators around the world are now...

Australia: Regulatory changes alone may be insufficient to cut reinsurance costs if CAT losses continue to rise

...regulations around reinstatement requirements for catastrophe reinsurance. Alternative reinsurance structures typically do not have such reinstatements, so APRA’s proposed lowering of reinstate...

South Korea: Growth of general insurance market expected to be moderate in next 12 months

...regulations that are driving insurers to improve profitability consistently over time despite intensified competition, in addition to stable underwriting results in auto and general insurance....

Philippines: Regulator updates rules on allowable infrastructure investments for insurers

...The Insurance Commission (IC) has updated guidelines for investments in infrastructure projects under the Philippine Development Plan (PDP)....

India: Increasing insurance penetration rate can lead to annual savings of US$10bn, says report

...regulations cap foreign direct investment (FDI) in insurance at 74%, and private equity firms can invest directly in insurers....

Bancassurance market structure changes following removal of cap on insurance partners

...regulations...

Taiwan: Favourable operating environment expected for insurance market in 2025

...regulations will help the insurance industry increase its powers of...

New Zealand: Insurance legislation updated to provide new consumer safeguards

...New Zealand has modernised its insurance legislation with the passing yesterday of the Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill, providing consumers with significant new safeguards....

Singapore: Insurance Culture and Conduct Steering Committee launches action plan to bolster trust in the industry

...The Insurance Culture and Conduct Steering Committee (ICCSC) yesterday announced the launch of its new action plan to strengthen trust in Singapore's insurance industry....

Japan: Increasing regulatory oversight of private credit exposure is credit positive

...regulations....

Egypt: Financial regulator forms specialised committees to draft insurance rules

...regulations until new executive decisions are issued in accordance with the new law. This ensures the continuity of regulating the sector during this transitional phase....

Taiwan: Regulator proposes amending rules on insurers' investments in interested parties

...regulations on interested parties. To bolster Taiwan's asset management sector, the FSC encourages life insurance comp...

India: Regulatory chief moots 100% FDI in insurance companies

...IRDAI chairman Debasish Panda is pitching for 100% foreign direct investment (FDI) in the insurance sector, saying a huge amount of capital is needed to achieve the goal of 'Insurance for All by 2047'....

Kenya: Appeals Court rules against fixed motor insurance pricing

...regulations that might unfairly favour specific companies or turn the industry into a cartel....

Pakistan: Regulator widens eligibility criteria for CFOs of insurance companies

...The Securities and Exchange Commission of Pakistan (SECP) has broadened the eligibility criteria for the position of chief financial officer of an insurance company....

Asia Pacific: Opportunities exist in accident & health, cyber, and electric vehicle insurance

...regulations emerging. Enhanced data, capital, and risk management strategies are essential for insurers to navigate the evolving regulatory landscape....

Egypt: Regulator directs insurance sector to align constitution & operations with new insurance law

...regulations into a single unified framework....

Several life insurers meet 2024 sales targets more than 2 months ahead of the yearend

...regulations to curb excessive marketing expenses and the practice of collecting premiums months in advance while the reporting of sales is postponed until the new year....

Australia: ASIC warns governance gap could emerge in AI adoption

...regulations to be introduced....

Pacific: Insurance rates continue to decline in 3Q2024

...regulations, and ransomware....

India: M&As expected to prevail in next stage of insurance market growth

...regulations, IRDAI relaxed the lock-in period for promoters and investors in insurance companies based on the date of certificate of registration of the insurer. IRDAI has further completely removed...

Turkiye: Uncertainty surrounds 2025 reinsurance renewal capacity and pricing

...regulations on earthquake modelling and local technology solutions. A more precise analysis of earthquake risks in Turk...

Govt to loosen rules to encourage insurers and other FIs to build Taiwan into Asian asset management hub

Australia: APRA doubles down on superannuation fund expenditure

...The Australian Prudential Regulation Authority (APRA) has growing concerns about superannuation trustees' spending behaviour after observing deficient practices and questionable expenditure in some areas, according to APRA deputy chair Margaret Cole....

India: IRDAI to expand management headcount over next 3 years

...The board of the IRDAI has approved a timetable to hire 120 management officials at the assistant manager (AM) level in the next three years to cope with the growing workload at the regulator....

Taiwan: New forex risk reserve system attracts response

...The Financial Supervisory Commission (FSC) has announced that as of 15 October 2024, two life insurance companies have applied to adopt the new foreign exchange rate volatility reserve system....

India: Regulator proposes guidelines to combat insurance fraud

...The IRDAI has drafted guidelines for a comprehensive insurance fraud monitoring framework for the insurance sector to identify, assess, and mitigate fraud risks effectively across the insurance industry....

US-listed Chinese online insurance broking co rebrands to carve out new paths

...regulations have led to a fall in commissions in the industry....

Australia: QBE apologises for 2017-22 pricing inconsistencies

...QBE Insurance Group has acknowledged that the Australian Securities and Investments Commission yesterday announced civil penalty proceedings against its subsidiary, QBE Insurance (Australia) [QBE], in the Federal Court of Australia alleging contraventions of the ASIC Act....

South Korea: Samsung Fire & Marine expected to continue to lead market

...regulations, and the acquisition-related cost efficiency from its online channel. The general insurance line is also expected to support the company’s bottom line with an improvement in its ove...

India: IRDAI head wants conglomerates and listed insurers in insurance market

...IRDAI chairman Debasish Panda has called on conglomerates to join India's insurance sector, emphasising growth opportunities....

South Africa: Treasury mulls financial tools to deal with climate change

...South Africa's National Treasury is exploring regulations to encourage the use of financial instruments to tackle climate change, including catastrophe bonds and parametric insurance, according to a report by Bloomberg....

GCC: Gulf Insurance Forum resolutions focus on climate change and tech

...regulations across the GCC will be essential for smooth technology adoption....

UAE: Brokers oppose commission caps, cite industry risks

...regulations already ensure fair competition and transparency in commission practices. They say that additional intervention could complicate the market, limiting the options available for b...

Indonesia: Several insurers meet minimum capital requirements ahead of deadline

...Around two-thirds (100 out of 145) existing (re)insurance companies as of the end of August 2024 met the first tranche of capital hikes before the 31 December 2026 deadline. Another 45 entities still need to do so, according to the Financial Services Authority (OJK)....

Regulation: IAIS releases Strategic Plan for 2025-2029

...The International Association of Insurance Supervisors (IAIS) has published its five-year Strategic Plan for 2025-2029 which articulates the core objectives of the IAIS, identifies a set of strategic themes, and outlines the operational priorities of the IAIS....

Jordan: Central bank announced draft rules for insurance broking business

...regulations would allow the insurance broker to combine the...

East Africa: Insurers focus on digital transformation, revolving regulations and ESG

...regulations, necessitating insurers to adapt their business operations accordingly....