India's Goods and Services Tax (GST) Council is set to review exempting reinsurance business from GST.
Insurers, striving to submit financial statements based on International Financial Reporting Standard (IFRS) 17 by 30 June 2024, have said that their efforts are hampered by the shortage of actuaries and the high cost of software.
The Ministry of Human Resources and Social Development has announced that the government's decision to Saudise all jobs related to the sales of insurance products had taken effect from 15 April.
In 2022, the Law on Insurance Businesses No 08/2022/QH15 came into effect, following the commitment agreed upon in the EU-Vietnam Free Trade Agreement in 2020, according to the Insurance Supervisory Authority (ISA) of Vietnam.
The IRDAI has announced its decision to allow general insurers to change the wordings in all corporate insurance policy documents, except motor third party. The move is expected to lead to a sea change in the way insurance policies are issued, insurance officials say.
Dr Peng Jin-lung, a professor in the Department of Risk Management and Insurance, at National Chengchi University, has been appointed the next chairman of the Financial Supervisory Commission (FSC).
Indonesia's only mutual insurer Bumiputera 1912 Joint Life Insurance (AJB) claims that it is still continuing to pay amounts owed to policyholders. The cumulative amount paid under the Reduced Benefit Value (PNM) scheme has reached IDR192bn ($11.9m).
The IRDAI has amended the terms of coverage for people with pre-existing health conditions by reducing the maximum waiting period set out in health insurance policies to 36 months from 48 months previously. The change took effect from 1 April 2024 for new and renewed health insurance policies.
Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Insurance Code Compliance Committee (Life CCC).
Insurance specific to electric vehicles (EVs) will be launched on 1 July 2024, the Financial Supervisory Commission (FSC) announced.