The Systemic Risk Coordination and Monitoring Committee (CCSRS) says that stress test exercises have highlighted the overall resilience of insurance companies to adverse macroeconomic and technical conditions.
The South Korean government plans to launch a climate insurance cover for citizens in collaboration with the country's insurance industry in 2026.
Foreign residents living in Japan for over three months and not covered under any health insurance scheme will now have to enrol in the country's health insurance programme, reported the Japan News.
The Algerian government has adjusted motor third-party liability (MTPL) insurance premium rates and banned cash payments for compulsory insurance policies. This dual initiative aims to ensure the financial viability of insurance companies while modernising industry practices through digitalisation.
Mergers and withdrawals from the Omani insurance market have reduced the number of insurers currently in it to 17 from 23 in 2011, according to a report released last month by the International Association of Insurance Supervisors (IAIS).
Insurers, superannuation funds and banks in Australia will now need to meet higher standards of operational risk management as new requirements for operational risk management laid down by the Australian Prudential Regulation Authority (APRA) have come into force.
The insurance industry's move to adopt a new prudential framework for risk-based solvency (RBS) is nearing completion.
The Insurance and Private Pension Regulation and Supervision Agency's new regulation on determining totally wrecked and severely damaged vehicles has entered into force, starting an era in which grievances about damaged vehicles and unregistered practices in the sector will be reduced.
These are the updates on insurance regulatory developments in China.
The Australian Securities and Investments Commission (ASIC) has warned the public to stay away from pushy sales tactics that recommend quick superannuation switches.