Insurers in China have begun to consider converting the coverage of existing life insurance policies to pension annuities, notes the mainland Chinese law firm Anjie Law.
China's Finance Ministry has announced the nationwide implementation of full-cost insurance and planting income insurance policies for rice, wheat and corn, which are the country's staple grains. The scheme took effect on 21 May, the date of the announcement.
The Hong Kong Insurance Authority (IA) says that its inspections, intelligence received, and mystery shopping have continued to reveal business models adopted by certain licensed insurance broker companies that appear obviously to rely on unlicensed persons to sell long-term insurance policies to Mainland China Visitors (MCVs).
The regulatory authorities have been providing window guidance to some insurance asset management companies, advising them to stop selling new investment products to individuals and to control the scale of investment in insurance asset management products by individual investors.
The removal of a restriction that limits the number of Chinese insurers allowed to cooperate with a commercial bank branch to a maximum of three will benefit life insurers' new business sales in the bancassurance channel, particularly for those with more recognisable brands, says Fitch Ratings.
The Financial Services Authority (OJK) is urging general insurance companies to develop risk mapping for electric vehicle (EV) insurance, even as the regulator encourages the development of the EV insurance market.
The plenary session of the House of Representatives approved on 20 May the draft unified insurance law, finally.
The IRDAI has issued a Master Circular on Actuarial, Finance and Investment Functions of Insurers.
The Securities and Exchange Commission of Pakistan (SECP) has entered the second phase of its end-to-end digital transformation and automation project, LEAP (Leading Efficiency through Automation Prowess), thereby automating its regulatory approvals and licensing regime.
The Indonesian General Insurance Association (AAUI) has called for third-party liability (MTPL) insurance to be made mandatory for all vehicles, saying that the number of motor accidents has been rising.