Subject: Regulatory Page 9 / 92
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- March 12 2024
Indonesia’s ambitious insurance reform push leaves questions over international support
Regulators are wrestling with striking a balance between encouraging the growth of domestic markets while recognising that global partnerships will be required to complete the transition.
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- March 12 2024
Australia unveils ‘grid’ for financial sector, offers transparent roadmap on regulatory changes
Insurance Council of Australia welcomes plans to introduce the new regulatory framework stating this would lead to greater efficiency, consistency and clarity for policymakers, regulators, and insurers.
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- March 11 2024
Singapore expected to ease capital treatment for green infrastructure investing
An upcoming consultation by the MAS will likely propose a framework to allow insurers to invest in sustainable projects at more favourable risk charges, putting Singapore in line with other markets, says WTW.
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- March 8 2024
New Zealand regulator FMA files civil case against Tower for overcharging customers by NZ$10m
Financial Markets Authority has alleged that the company did not properly apply multi-policy discounts for about 65,000 customers from September 2016 onwards.
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- March 6 2024
ASIC urges insurers to improve claims handling as severe weather events increase
In a letter directed to general insurers, the Australian corporate regulator said events such as cyclone Jasper, and Christmas and New Year storms have highlighted their licence obligations to process claims fairly and in a timely fashion.
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- March 4 2024
Fairfax-backed Go Digit gets Indian market regulator’s approval for IPO: report
The digital insurer is targeting a May public offering, which will be a mix of US$150m in new shares and a secondary sale of 109m shares by founding shareholders.
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- March 4 2024
Hong Kong Federation of Insurers commits to carbon neutrality by 2050 with climate charter
With 33 inaugural signatories, the climate charter introduces actionable goals across claims management, underwriting, societal engagement, investments, governance and disclosure.
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- March 1 2024
Scandal-hit Japanese carriers’ disciplinary actions to see senior management pay cuts, resignations
At Sompo Japan CEO Giichi Shirakawa and deputy Satoshi Iitoyo have stepped down, while all four Japanese insurers have announced reduction in the remuneration of senior executives for a limited period as well as strengthening of their audit systems.
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- February 29 2024
Shipowners, IOPC settle over 8000 claims one year after MT Princess Empress oil spill
The newest estimate of total damage to environmental and coastal communities exceeds US$731m, including environmental losses of US$712m and socioeconomic losses totalling US$19.5m.
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- February 27 2024
Indian regulator approves Aon’s acquisition of Global Insurance Brokers
Aon and GIB will continue to operate independently until the transaction is completed in the coming months.
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- February 26 2024
IRDAI retains 4% obligatory cession for upcoming renewals
The cession, a percentage of the sum insured on all general insurance policies, has to be placed with the sole India reinsurer, the state-owned GIC Re, for FY 2025 starting April 1 this year.
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- February 26 2024
NSW to focus on mitigation as annual nat cat bill expected to soar to US$6bn by 2060
The State Disaster Management Plan includes measures to reduce communities’ exposure and vulnerability to disasters through awareness and preparedness campaigns, and it has set an end-2024 deadline to review levy arrangements.
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- February 22 2024
IRDAI to introduce collateral for cross-border reinsurance programs
The collateral shall be either an irrevocable LOC, or premiums or funds withheld by the cedent, the Indian regulator said in an exposure draft.
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- February 22 2024
New capital norms to drive consolidation in Indonesia’s takaful and retakaful sector: Fitch
Almost half the companies will have to raise capital to meet the requirement by end-2026 based on their latest equity levels, and almost two-thirds of them by end-2028, as capital generated through growth is unlikely to be sufficient, the rating agency said.
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- February 14 2024
Tasmania puts fire tax reforms on hold: reports
Insurance Council of Australia called the move “profoundly disappointing” and unfair, as the fire service levy adds up to 28% to the cost of a diverse range of commercial policies.
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- 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.
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- 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.
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- 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.
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- 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.
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- 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.
