The Financial Regulatory Authority (FRA) hopes to double penetration in the next four years, as part of the its drive to increase financial inclusiveness, according to Mr Hesham Ramadan, assistant to the FRA chairman.
Two insurers, namely, International Energy Insurance (IEI) and Staco Insurance, have attracted new investors who are in the process of repositioning the companies to improve their performance.
The Financial Regulatory Authority (FRA) and insurance companies are carrying out joint studies on the feasibility of setting a floor for investments in listed stocks by insurers.
Under pressure to grow their business, top listed life insurers in China are adjusting their product strategies rapidly. Among several new products launched, incremental wholelife insurance plans have become a large source of revenue for insurance companies.
A new regulation covering insurance asset management firms, when it takes effect on 1 September, will remove a cap on foreign insurers' ownership of such companies. It opens the door to foreign insurers to set up wholly-owned insurance asset management entities.
The Beijing bureau of the CBIRC (CBIRC Beijing) has issued an exposure draft of a work plan to support the development of managing general agents (MGAs), including a pilot programme for such intermediaries.
The Insurance Development and Regulatory Authority (IDRA) has found that two life insurance companies have allowed their directors and their associated enterprises to borrow from banks against fixed deposits placed with policyholders' funds.
The Securities and Exchange Commission of Pakistan (SECP) has stated that insurance companies may outsource their internal audit function to professional services firms under the revised Code of Corporate Governance for Insurers.
The Securities & Exchange Commission of Pakistan (SECP) has issued guidelines for investors dealing in Shariah-compliant investments through the Pakistan Stock Exchange (PSX).
The Egyptian insurance sector has presented a list of priorities to Dr Mohamed Farid, who was appointed on 7 April as acting chairman of the Financial Regulatory Authority (FRA) for a term of one year.