Prime Minister Li Qiang, in delivering the government work report at the opening yesterday of the annual National People's Congress meeting, highlighted several targets for the insurance industry.
Four Chinese government ministries or agencies have set out 20 measures to accelerate the high-quality development of sci-tech insurance that plays an important role in risk dispersion and financial support for technological innovation.
The Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority (IA), and the Mandatory Provident Fund Schemes Authority (MPFA), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced on 5 March the launch of the GenAI Sandbox++ initiative.
The Pensions and Insurance Authority (PIA) has launched the Insurance Regulatory Sandbox for tech firms to test innovative products before they are rolled out in the market.
The Financial Services Commission (FSC) will establish a joint taskforce to monitor the ongoing armed conflict in the Middle East. This initiative aims to facilitate real-time information sharing among relevant authorities and maintain a 24-hour watch on evolving market conditions.
Chairman of Bangladesh's Insurance Development and Regulatory Authority (IDRA), Dr M Aslam Alam, has resigned from his post.
The Chinese government has issued new guidelines to accelerate the high-quality development of sci-tech insurance, among broader efforts to strengthen technological self-reliance.
The Health Insurance Department under the Ministry of Health in Vietnam has announced that it is working with relevant units to complete a draft Circular issuing an updated list of chemical drugs, biological products, radioactive drugs and other medicines eligible for health insurance coverage.
The Association of Kenya Insurers (AKI) has intensified enforcement operations targeting fraudulent motor insurance certificates, working with the Traffic Police Department, the Insurance Regulatory Authority (IRA) and the Insurance Fraud Investigation Unit.
The Insurance Council of Australia (ICA) has lodged four submissions to a federal parliamentary inquiry into small business insurance, urging reforms to insurance taxation, climate resilience, workplace mental health and cyber risk management. The inquiry, chaired by Senator Deb O'Neill, is examining how to improve the affordability and accessibility of cover for Australia's 2.5m small businesses.