The IRDAI plans to prescribe risk-based solvency requirements and higher equity capital to ensure insurers have sufficient capital adequacy to withstand socioeconomic shocks such as the coronavirus pandemic.
The Chinese authorities are set to implement a new regulatory regime for companies with significant operations in the financial sector, that Moody's Investors Service sees as credit positive for the financial system.
The Insurance Working Group of the EU Chamber of Commerce in China is urging Chinese authorities to update and expand current reinsurance regulations.
Despite various measures introduced by the Chinese government to allow more access to the domestic insurance market for foreign insurers, the Insurance Working Group of the EU Chamber of Commerce in China has made several recommendations that would further facilitate the opening up of the insurance sector.
The planned review of the Insurance (Prudential Supervision) Act (IPSA) scheduled to start next month will re-visit the definition of 'carrying on insurance business in New Zealand' by foreign insurers, according to Mr Geoff Bascand, deputy governor and general manager of Financial Stability at the Reserve Bank of Wellington.
The Indian insurance regulator is monitoring the persistency levels of life insurance companies and working on standard products for residential property insurance and term insurance.
Laws and regulations will be gradually loosened, including restrictions on investment in public construction by the insurance industry, said Mr Huang Tien-Mu, chairman of the Financial Supervisory Commission (FSC).
The Saudi Arabian Monetary Authority (SAMA) has approved a number of insurance products that cover cancellation of live events.
Solvency margin settings is one area in which regulatory provisions might be made more specific, according to Mr Geoff Bascand, deputy governor and general manager of Financial Stability at the Reserve Bank of Wellington.
Officials in the insurance sector have confirmed that the Cabinet's approval of a decision requiring residential properties to install fire detectors and participate in the civil defence electronic system.