China's National Financial Regulatory Administration (NFRA) has announced that the "Unified Reporting and Sales" regime - already implemented in motor and life insurance channels - will be formally extended to non-motor insurance.
These are the updates on insurance regulatory developments in China.
The Ministry of Commerce has warned retailers, car dealerships, and all entities against offering "extended warranty" products without obtaining a licence from the Insurance Authority.
With the aim of strengthening financial discipline and reduce delays in claim settlements, Bangladesh insurance regulator, the Insurance Development and Regulatory Authority (IDRA) has proposed tougher management expense limits for life and non-life insurance companies, reported the Daily Star.
The Asian Development Bank (ADB) has approved a $400m policy-based loan to support reforms aimed at raising the efficiency of the Philippines' insurance industry, creating an enabling environment for broader participation in the sector, and helping stimulate stronger economic growth.
The Malaysian government has proposed various incentives to encourage Malaysians to buy insurance policies.
The government has proposed to increase to 25% the proportion of business that insurers are required to place with the Kenya Reinsurance Corporation (Kenya Re), up from the current 20%, under new draft regulations.
The Insurance and Social Welfare Supervisory Authority (ACAPS) has announced a major new project: a compulsory multi-risk home insurance scheme, designed to protect property and people against disasters, which are still insufficiently covered at present.
Insurance practitioners, including brokers, in Kenya are to be registered and accredited under the Insurance Professional Act 2025, whose enactment is viewed as a landmark development in the professionalisation and regulation of the insurance industry in Kenya. The Act establishes key regulatory bodies and professional standards for the segment.
The UAE government has issued a Federal Decree Law regarding the Central Bank, and the regulation of financial institutions, including insurance companies.