Industry Segments: Legal/Regulatory Page 8 / 90
-
- February 7 2024
Indian government panel proposes composite licencing in insurance: report
The committee has also proposed a reduction in goods and service tax rates from the current level of 18% for health and term products.
-
- February 6 2024
Indonesia’s tougher minimum capital rules for (re)insurers to drive consolidation: Fitch
About 62% of Fitch's rated carriers, all non-life and reinsurers, will need to raise new capital to meet the minimum equity requirement, which could unleash a wave of M&A.
-
- February 5 2024
ICA proposes waiving US$3.9bn state taxes to tame Australia’s flood risks
Chief executive Andrew Hall suggested abolishing insurance annual state taxes, which stand as the second-largest component of home premiums after pricing of flood risk.
-
- February 2 2024
IFRS 17: market still divided over the right KPIs
As insurers gear up for full-year reporting between February and April, experts say that the question remains as to which numbers are going to get the most emphasis.
-
- February 1 2024
APRA’s culture surveys plan marks regional shift to focus on governance
Monitoring company risk culture is part of a broader ongoing sea change in the market, which is seeing a greater emphasis on both corporate governance and diversity & inclusion.
-
- January 29 2024
Sompo commits to fixes and reviews as FSA issues six-point business improvement order
The Japanese insurer is taking measures including clarification of management responsibilities related to Bigmotor, and make insurance premium adjustment.
-
- January 23 2024
Hong Kong Insurance Authority appoints Clement Lau as executive director
Lau, who had worked at the city's central bank prior to the latest appointment, will be in charge of reviewing regulatory frameworks and policies affecting the insurance sector.
-
- January 23 2024
Nepal’s Himalayan Re granted India reinsurance licence
The privately owned reinsurer has been granted a reference number by IRDAI allowing the company to do reinsurance business from India.
-
- January 18 2024
Thailand’s insurance sector to grow to US$28.18bn by 2026: OIC
This would mean a 'significant jump' for the sector from the present US$25.3bn GWP as the industry is recovering from Covid-19 claims.
-
- January 11 2024
Indonesia to raise minimum capital requirement for insurers to US$16m by 2026: report
For reinsurers, the minimum equity required will be US$32m in 2026, which will be increased to US$128m by end of 2028.
-
- January 10 2024
Australian government is ‘planning to review’ cyclone reinsurance pool, says minister
Murray Watt, the country's minister for emergency management, said that over the next five years the federal government will allocate US$671m in disaster mitigation funding to be matched by state and territory governments.
-
- January 3 2024
Korea’s FSC expands eligibility and scope of joint underwriting agreement on fire insurance
The polices can now cover damage resulting from natural disasters, building collapse, and leaks from water supply or drainage systems, as desired by the policyholder.
-
- December 22 2023
FSA to issue business improvement orders to Japan’s big four for price-fixing: report
- Legal/Regulatory
- Japan
- Aioi Nissay Dowa Insurance
- Mitsui Sumitomo Insurance
- Sompo
- Tokio Marine & Nichido Fire
The regulator has determined that there were deficiencies in the company's internal control system, including rampant transactions that could potentially constitute cartels.
-
- December 21 2023
IRDAI reviewing 19 general insurance licence applications: report
The Indian insurance regulator plans to licences more companies to increase insurance penetration under its insurance for all by 2047 policy.
-
- December 20 2023
IRDAI hikes claims limit for appointment of loss adjusters for Cyclone Michaung losses
The increase in limit, which is applicable for two months, is to expedite the settlement of claims arising from the flooding in India's south-eastern coast.
-
- December 19 2023
Japan antitrust regulator carries out on-site investigation on big four insurers over price fixing allegations
Tokio Marine & Nichido Fire, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan confirmed in separate announcements that they are being probed by the Japan Fair Trade Commission.
-
- December 19 2023
Thai insurance regulator to give SMK 60 days to solve liquidity problems: report
The troubled non-life insurer is at risk of losing its licence, which could mean its liabilities, about US$860m now, will have to be covered by the OIC's US$40m General Insurance Fund.
-
- December 18 2023
Australian broker code review puts commission disclosure debate in the spotlight
Finding common ground that satisfies both sides of the debate will be a hard path for NIBA with a faction threatening to break away.
-
- December 15 2023
Swiss Re International to take over defunct Target Insurance’s EC policies
The 32 in-force employee compensation policies issued by the Hong Kong taxi insurer will be transferred from April 1, 2024.
-
- December 13 2023
IRDAI objects Reliance General Insurance owner’s plan to rejig ownership: report
The Indian insurance regulator has termed the move as “premature” and “sub-judice” as certain court cases are yet to be concluded.
