On January 17, the National Financial Regulatory Administration (NFRA) announced the Insurance Company Supervision Rating Guidelines (referred to as 'the guidelines'), which outline the procedures for supervisory ratings of insurance companies. These procedures include annual rating plan formulation, information collection, initial and final evaluations, reviews, feedback and analysis, dynamic adjustments, follow-up evaluations, and continuous improvement. The guidelines will take effect on March 1, 2025.
These are the updates on insurance regulation across China this week.
Indian insurance industry leaders have called for removing the goods and services tax (GST) on insurance premium. Speaking with Asia Insurance Review, Canara HSBC Life Insurance MD and CEO Anuj Mathur said, "Affordability is key to making insurance accessible to all. Revisiting GST rates on life insurance premiums could enhance affordability, especially for lower and middle-income groups.
The Insurance Council of Australia (ICA) has welcomed the opening of the third round of funding from the federal government's AUD 1bn ($627, 205) Disaster Ready Fund, aimed at better protecting communities from the physical, economic and social impacts of worsening extreme weather events.
China plans to encourage large state insurers and commercial insurance funds to increase their investments in share markets to perk up the country's sluggish stock markets.
Khyber Pakhtunkhwa (KP) regional government is considering establishing its own insurance company to manage various insurance initiatives, including the Sehat Card Plus programme.
The Insurance Authority of Saudi Arabia (IA) and the country's public prosecution department have agreed to cooperate to enhance their joint capabilities in combating criminal activities related to the insurance sector.
The Supervisory Authority of Insurance and Social Welfare (ACAPS) has commissioned ARM Consultants to carry out a study on making homeowner's insurance compulsory in Morocco.
The Bangladesh government is planning a hold-all insurance coverage of all the citizens and resources of the country for giving a fillip to the country's socioeconomic development.
The Financial Regulatory Authority (FRA) issues a decision to increase the minimum capital of insurance companies to enhance financial solvency and as part of the implementation of the Unified Insurance Law. Insurance companies are required to increase their capital to EGP600m ($11.9m) within two years.