Motor insurers are adhering to a circular issued last month by the Central Bank of the UAE (CBUAE), which warned them not to sell auto insurance policies at premium rates lower than the minimum limits stipulated in the unified motor insurance policy, industry executives say.
The Financial Regulatory Authority (FRA) has directed non-banking financial institutions, including insurers, to adhere to new governance rules.
The Financial Services Council (FSC) has announced that responsibility for the Life Insurance Code of Practice (Life Code) will be transferred to the Council of Australian Life Insurers (CALI) on 29 September 2023.
The Insurance Authority (IA) has rolled out the Open Application Programming Interface (API) Framework (the Framework) and the Central Register for the insurance sector, providing guidance and necessary facilitation to market participants as they implement Open API.
Oman's Capital Market Authority has issued a decision to adopt regulations covering online insurance operations. The new rules present a regulatory and legislative framework for digital insurance services in the Sultanate.
Singapore's recently introduced framework for domestic systematically important insurers (D-SIIs) is a positive move for the country's insurance industry, says S&P Global Ratings (S&P).
Companies registered and individuals working or living in the Shanghai Free Trade Zone (FTZ) will be allowed to buy cross-border insurance, investment and other services, says the Shanghai government as it introduces new rules to further ensure foreign financial institutions are treated equally as their domestic counterparts.
The IRDAI expects to launch all-in-one affordable insurance product, Bima Vistaar - the first of its kind - soon. The policy offers life, health and property coverage.
The Ministry of Corporate Affairs is looking at making relevant changes to the Insolvency and Bankruptcy Code (IBC) to classify insurers as financial creditors in case of default of infrastructure projects, to grow the surety bond business.
An increase in third-party property damage claims arising from weather-related recoveries is expected in the next 12 months, say lawyers at the Australasian legal firm, Wotton + Kearney, which is focused on insurance, risk management and dispute resolution.