China's National Financial Regulatory Administration (NFRA) has stepped up efforts to refine its supervisory framework, scrapping a series of outdated insurance rules while introducing new regulations to strengthen oversight of the sector. The latest round of adjustments is aimed at modernising the regulatory system and aligning it more closely with evolving financial market needs.
These are the updates on insurance regulatory developments in China.
The Insurers Federation of Egypt (IFE) has formed a specialised committee to study the Financial Regulatory Authority's proposals regarding insurance company governance rules.
Tunisia's insurance regulator, the General Insurance Council (CGA) has released guidelines to the insurance industry on customer due diligence obligations, detailing the identification, verification, and know-your-customer processes. It aims to help insurance companies implement an effective system to prevent money laundering and terrorist financing, tailored to the risk profile of their customers.
The Insurance Authority (IA) has issued a circular directed at licensed insurance companies intending to enter into reinsurance agreements (Facultative or Treaty) or dealing with foreign reinsurance companies.
The Turkish Ministry of Justice plans to overhaul the insurance dispute resolution process by making mediation mandatory for insurance claims before they are brought before the Insurance Arbitration Commission (IAC).
To reduce the financial strain on retirees, the South Korean government is considering allowing insurance policyholders to tap death benefits while still alive, turning payouts once reserved for heirs into retirement income, reported the Korea Herald.
The National Insurance Commission (NAICOM) has issued a circular that will ban co-insurance arrangements between takaful companies and conventional insurers with effect from 1 January 2026.
The Financial Regulatory Authority (FRA) has issued a decision regarding the terms and criteria for registering non-resident foreign reinsurance brokers.
The Australian Prudential Regulation Authority (APRA) has published its latest Corporate Plan aimed at preserving the safety and stability of banks, insurers, superannuation trustees and the broader financial system.