Industry Segments: Regulatory Page 4 / 91
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- October 16 2024
Central Bank of India’s acquisition of stake in Generali JVs gets antitrust approval
The Competition Commission of India has cleared the state-owned lender's acquisition of 24.91% equity stake in Future Generali India and a 25.18% equity stake in Future Generali India Life.
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- October 15 2024
Allianz, NTUC Enterprise and Income to review government’s objections to the deal
Allianz said it will consider revisions to the proposed transaction structure, while the government clarified that it is open to future new proposals if its concerns are addressed.
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- October 7 2024
Indian regulator urges insurers to go public: report
In its meetings with senior insurance officials, IRDAI is nudging companies that have been in operation for more than a decade to list in a bid to align with global corporate governance standards.
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- September 26 2024
Next Queensland government should axe stamp duty: ICA
ICA forecasts an 8% reduction in premiums if the next state government removes a 9% stamp duty on insurance, which is imposed after a goods and services tax.
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- September 25 2024
Hong Kong’s connectivity with GBA has reinforced its role as a global risk management centre, IA’s Clement Cheung
The SAR is well-placed to be a hub for captives, especially by mainland enterprises to holistically monitor their overseas project risks and scale up their intra-group risk management capacity, says the regulator’s CEO.
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- September 25 2024
Hong Kong RBC framework enhances insurers’ enterprise risk management: AM Best
The risk-based capital regime also introduces disclosure requirements that will improve transparency and comparability among insurers in Hong Kong, the rating agency said.
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- September 24 2024
Policy support and RBC to help insurers tackle emerging challenges: Michael Wong
The government has introduced policies and a new capital regime to help the sector tackle these challenges, said acting financial secretary Michael Wong inaugurating EAIC 2024.
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- September 24 2024
India may consider a new turnaround plan for three general insurers: report
While solvency ratio, consistently high claims ratios and losses or low profitability were the concerns that need to be addressed by the state-owned carriers, the government is likely to provide fiscal support to companies showing profits.
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- September 20 2024
NZ fire levy increase revised downwards amid funding review
The levy hiked to 12.8% in July and Fire and Emergency New Zealand (FENZ) was set for an additional 5.2% increase to 2029. However, the government has revised the percentage to 2.2%.
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- September 20 2024
GIAJ guides Japanese insurers on cross-holdings, secondments and agency commissions
The industry body has published a series of guidelines for the scandal-hit sector in response to the report of the "advisory panel on structural issues and competition in the P&C industry" which was published on June 25.
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- September 19 2024
Australian, UK regulators greenlight Ardonagh’s takeover bid for PSC
The US$1.5bn scheme of arrangement to buy all the shares of the Australian broking group is now pending PSC's shareholders' and the court's approvals.
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- September 18 2024
Australia’s reinsurance pool led to a 21% fall in home premiums: study
The study by an MIT researcher claims that public reinsurance is a cost-effective policy solution for rehabilitating insurance markets affected by catastrophic climate risks.
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- September 17 2024
Suncorp CEO Steve Johnston to chair ICA board
Johnston, who joined the ICA board as director in August 2021, will begin his term as chair on January 1, 2025, succeeding Nick Hawkins, IAG managing director and CEO, who has served as president of the board for the past two years.
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- September 17 2024
Taiwan’s regulator blocks CTBC Financial’s US$4.1bn bid for Shin Kong Financial
The regulator's rejection now paves the way for the conglomerate's merger with Taishin Financial. Still, a merger will have little impact to Shinkong Insurance, Taiwan’s third-largest P&C insurer, whose biggest shareholder is separate and independent from the conglomerate.
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- September 17 2024
Hong Kong’s Asia Insurance buoyant on D&O as reforms unleash demand
The city's proposed corporate governance revamp and the newly launched RBC regime will open up opportunities for professional lines, and trigger industry consolidation as compliance costs mount, according to CEO Winnie Wong.
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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.
