The Financial Services Authority (OJK) is working with relevant ministries and institutions to issue regulations covering Mandatory Third Party Liability (TPL) Insurance.
The life insurance market in Taiwan is navigating several developments including the adoption of localised Insurance Capital Standards (TW-ICS) and International Financial Reporting Standard 17 (IFRS17) in 2016, and the pressure to raise additional capital of around NT$100bn ($3.1bn) to meet solvency rules.
Australia is facing an advice accessibility crisis, according to Ms Christine Cupitt, CEO of the Council of Australian Life Insurers (CALI), who said that life insurers want Australians to have more choice when it comes to getting advice about their life insurance needs.
Abu Dhabi-listed HAYAH Insurance has secured a licence from the Securities and Commodities Authority to provide comprehensive corporate pension management services.
The Insurance Association of China (IAC) has issued its "Proposal on the Insurance Industry Pro-Actively Carrying Out Anti-Insurance Fraud Work". The proposal, issued on 12 June, states that insurance fraud must be dealt with severely and is not to be tolerated.
The Insurance Association of China (IAC) and the China Automobile Maintenance & Repairs Trade Association (CAMRA) have issued jointly a standard covering the repairs and replacement of common spare parts for vehicles involved in accidents.
The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have developed a blueprint for a platform that integrates regulatory and climate data to help financial authorities identify, monitor and manage climate risks in the financial system.
The IRDAI has issued a Master Circular on Life Insurance business in a move towards making life insurance simple, easy to understand and enhancing transparency for a well-informed decision by prospects/policyholders.
The Dubai International Financial Centre Insurance Association (DIFCIA) has announced its reciprocal membership with ACORD, the standards-setting body for the global insurance industry.
The IRDAI has issued a comprehensive master circular on general insurance business as part of reforms in the non-life sector, ushering a new era of measures for simplified and customer-centric insurance solutions towards seamless customer experience and ease of operations for insurers in a calibrated manner.