China's financial regulator is stepping up efforts to rein in disorderly competition in the non-auto insurance market, issuing a draft circular aimed at enforcing stricter adherence to pre-approved policy terms and pricing-known as the 'unified reporting and sales' system.
These are the updates on insurance regulatory developments in China.
Cambodia's insurance regulator, the Insurance Regulator of Cambodia (IRC) has officially joined the Asian Forum of Insurance Regulators (AFIR) as a full member, according to news platform the Khmer Times.
In its Plenary Sitting, Taiwan's Legislative Yuan approved the Executive Yuan's proposed amendment to Article 22-16 of the Offshore Banking Act.
The Office of the Insurance Commission (OIC), Thailand's insurance regulator, held a joint meeting with the Big Data Institute (BDI), a public organisation, and insurance representatives to discuss ways to link health data via the Health Link platform to enhance underwriting and claim consideration.
The Systemic Risk Coordination and Monitoring Committee (CCSRS) says that stress test exercises have highlighted the overall resilience of insurance companies to adverse macroeconomic and technical conditions.
The South Korean government plans to launch a climate insurance cover for citizens in collaboration with the country's insurance industry in 2026.
Foreign residents living in Japan for over three months and not covered under any health insurance scheme will now have to enrol in the country's health insurance programme, reported the Japan News.
The Algerian government has adjusted motor third-party liability (MTPL) insurance premium rates and banned cash payments for compulsory insurance policies. This dual initiative aims to ensure the financial viability of insurance companies while modernising industry practices through digitalisation.
Mergers and withdrawals from the Omani insurance market have reduced the number of insurers currently in it to 17 from 23 in 2011, according to a report released last month by the International Association of Insurance Supervisors (IAIS).