Insurance companies should refrain from premium undercutting to ensure sustainable operations, the acting Commissioner of Insurance, Mr Michael K Andoh, has said.
Mr Olusegun Ayo Omosehin has assumed office as the head of the National Insurance Commission (NAICOM).
The National Financial Regulatory Administration (NFRA) has issued the "Notice on Matters Concerning the Insurance Agency Business of Commercial Banks", to promote the standardised and healthy development of bancassurance, better meet the diverse needs of consumers, and protect consumers' legitimate rights and interests.
Hong Kong's Insurance Authority (IA) published its consultation conclusions on six draft rules concerning the implementation of a risk-based capital (RBC) regime in April 2024. This action follows the Legislative Council passing the Insurance (Amendment) Ordinance 2023 and subsequent publishing of the six draft rules for public consultation in December 2023 and January 2024.
The government will not compel insurers to appoint a panel that can override their decisions on providing insurance coverage for disabled and neurodivergent persons, according to Mr Lawrence Wong, deputy Prime Minister and Minister for Finance, and chairman of MAS.
The West African Insurance Companies Association (WAICA) has stressed the need for the harmonisation of insurance regulation and education to strengthen regional cooperation and build a vibrant insurance market in the West African sub-region.
The World Bank's board of executive directors has approved an $80m development policy credit for Nepal to strengthen the stability of the financial sector, including the insurance industry.
A call has been made on the government to form an independent insurance regulator to oversee the insurance industry.
Motor insurers posted a combined underwriting loss of TRY33bn ($1bn) in 2023 in the traffic (compulsory motor third-party liability) insurance branch, according to Insurance Association of Türkiye president Ugur Gulen. No company made an underwriting profit in the branch.
The Insurance Council of New Zealand (ICNZ) welcomes the first reading on 2 May 2024 of the Contracts of Insurance Bill, saying the overhaul of the legislation is well overdue.