The Competition Council (CC) has pointed out major structural challenges facing the insurance market, among several other key sectors of the economy, stressing the urgent need to promote genuine competition in the market.
Nepal Insurers' Association (NIA) has filed a writ petition against the government in the country's supreme court for not settling the payments due to the insurers for the COVID-19 claims incurred in 2020-21. NIA has sought the highest court's intervention to make the government liable to pay the insured amounts. NIA is the umbrella organisation of country's non-life insurers.
The standing committee of China's top legislative body, the National People's Congress, earlier this week reviewed a draft decision of the Communist Party on gradually raising the statutory retirement age, the Xinhua News Agency reported.
Turkiye's Compulsory Disaster Insurance scheme (ZAS) is set to be launched officially at the beginning of 2025.
The Insurance Authority (IA) is committed to reviewing the different parameters embedded in the risk-based capital (RBC) regime, with an emphasis on creating sufficient incentives for insurers and broker companies to place larger volumes of business in Hong Kong, according to the agency's chairman Mr Stephen Yiu.
The Independent Code Review Committee has issued its interim report on its review of the General Insurance Code of Practice, which contains 104 recommendations which cover a number of areas, including financial hardship, customer vulnerability, claims handling, enforceability and governance.
Bangladesh's interim government has appointed former senior secretary Mr M Aslam Alam as the new chairman of the Insurance Development and Regulatory Authority (IDRA), the finance ministry announced in a circular.
The GST Council has arrived at a broad consensus on reducing or removing GST on health and life insurance premiums from the current 18%, but a final decision would be taken in the next meeting.
The Insurance and Social Security Supervisory Authority (ACAPS) is preparing to launch the first edition of the "Emergence Programme" to promote innovation and strengthen insurance inclusion.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular as part of its moves towards reinforcing empowerment of policyholders.