Industry Segments: Legal/Regulatory Page 3 / 89
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- September 16 2024
Japan’s big 4 submit progress of business improvement plan to FSA
Tokio Marine & Nichido Fire Insurance, Sompo Japan and MS&AD's subsidiaries Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance' measures to improve compliance, audits throughout the year, and new bottom-line indicators that reflect profitability.
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- September 12 2024
China State Council issues opinion on deepening insurance reforms, preventing risk
The high level document by China's cabinet calls for deeper reforms for motor insurance focusing on new energy vehicles, and innovations for liability insurance and climate risk insurance.
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- September 9 2024
Government and private sector need faster progress on climate change: ICNZ
The council urges more coordinated efforts on addressing climate change as Auckland floods and Cyclone Gabrielle's US$8.9bn infrastructure damage underlines their impact on lives and property.
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- September 9 2024
HKIA to prioritise RBC review and re-domiciliation regime, says chairman
The Hong Kong Insurance Authority is aiming to attract insurers and brokers to place larger business volumes in Hong Kong, as it seeks to attract more overseas insurance groups to relocate their headquarters to the city, says chair Stephen Yiu.
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- September 6 2024
Extension of cyclone pool coverage period to 7 days would increase average annual loss by 5%: ARPC
The Australian cyclone pool will need to collect additional premiums through rate increases to cover the increased claims costs if such a change was made, the pool's administrator said.
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- September 4 2024
Cambodia to join Asean compulsory motor insurance system
The system provides vehicle mandatory third-party liability cover to vehicles transiting across the borders of 10 Asean countries.
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- August 29 2024
Philippines regulator imposes money laundering risk assessments on insurers, brokers
The Insurance Commission issued the guidelines that require institutional risk assessments on insurers and brokers at least once very two years.
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- August 29 2024
Korea’s FSC might review proposed change in insurers’ capitalisation rules: report
The Financial Supervisory Service had proposed that, starting next year, the discount rate for market valuation of insurance liabilities will be based on the 30-year government bond rate instead of the 20-year rate.
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- August 28 2024
Data breach by Japan’s big 4 insurers affects over 2 million customer records: report
Tokio Marine & Nichido Fire Insurance, Sompo Japan, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa Insurance will need to submit reports to the financial regulator by the end of this week.
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- August 28 2024
Australian insurers urged to limit use of external experts to improve claims assessments
Carriers should not rely on external experts beyond their scope of expertise, as it could lead to poor claims decisions and disputes, according to an inquiry into the practice by six general insurers by the General Insurance Code Governance Committee.
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- August 26 2024
IRDAI urges carriers to devise strategies on affordable insurance products: report
The insurance regulator's appeal for more affordable products directed at the country's insurers is part of its move to achieve "Insurance for All" by 2047.
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- August 21 2024
NFRA seeks to improve nat cat response through new insurance assessment system
The assessment system is intended to improve the country’s response mechanism based on different grading of natural catastrophes, according to the P&C insurance supervision chief.
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- August 19 2024
Indian government mulls raising insurance FDI limit to 100% from 74%: report
The proposal, backed by IRDAI, is expected to ease other FDI rules for the sector, including a mandate to have Indian citizens in certain segments of the top management, according to a report by the Times of India.
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- August 15 2024
Indian regulator introduces new accounting standard on insurance contracts: report
The Insurance Regulatory and Development Authority of India must still issue an implementation roadmap for insurance companies to start adopting the new Ind AS 117, which converges with IFRS 17.
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- August 15 2024
ICA, Planning Institute of Australia urge governments to overhaul land use planning
In a joint communique, the two industry bodies urge state, local and the federal governments to step up reforms to tackle the country's growing housing challenges compounded by extreme weather risks.
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- August 7 2024
QBE Australia Pacific elevates Declan Moore to chief governance and executive operations officer
Moore will oversee first line risk, customer remediation, marketing and customer insights, legal and executive operations for the regional business as Jonathan Groves succeeds him as CEO and managing director for New Zealand and Pacific.
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- August 7 2024
NFRA releases rules to propel Shanghai’s role as international reinsurance hub
China's top financial watchdog announced the setting up of a US$4m fund to support reinsurance in targeted sectors, including aerospace, green shipping and semiconductors, and policy directions to attract more reinsurers to the free trade zone.
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- August 5 2024
South Korean digital carrier Carrot gets exclusive rights to use behavioural-based motor insurance
Motor insurance, sold by 12 general insurers in Korea, is typically standardised with minimal differentiation, and therefore, exclusive rights are rare.
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- July 31 2024
HKIA to charge intermediary licence fees from September 23
The fee will be applicable for insurance brokers and agencies applying for a new licence, renewing licence, adding a line of business and for approval of responsible officers.
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- July 30 2024
India’s insurtech InsuranceDekho gets greenlight to offer reinsurance service: report
With the licence upgrade, the startup aims to use technology and data analytics to offer reinsurance services at competitive prices.
