Insurance giant Ping An has established a CNY10bn ($1.4bn) fund with Shenzhen Guidance Fund, a venture capital fund controlled by the Shenzhen government.
The Property and Casualty Insurance Department of the National Financial Regulatory Administration (NFRA) has issued an exposure draft on rating indicators and scoring rules for P&C insurers. The proposed evaluation system is compliance- and risk-oriented.
Taiwan life insurers will continue to strengthen their capital position in response to the implementation of Taiwan-localised Insurance Capital Standard (TW-ICS) and IFRS 17 in 2026, by refining their business mix, optimising investment strategies, and issuing capital-qualifying bonds, alongside the regulator's various transition measures, says Fitch Ratings.
Singapore's lawmakers passed a new law on 16 October, granting the the Minister-in-charge of MAS to have powers to consider the views of the Community Minister in approval processes for deals involving an insurer that is either a co-operative (Co-op) or linked to a Co-op.
Private-sector life insurers are preparing to adjust commission structures for distribution channels, following regulations that came into effect on 1 October requiring insurers to offer higher surrender values for endowment policies.
There is a need to set a minimum level of harmonised legislation among African countries to facilitate cooperation between insurance companies on the continent, according to Mr Omar Gouda, who is the CEO of Misr Insurance Company, Egypt's biggest general insurer.
The Competition Commission of India (CCI) has announced that it has approved the proposed acquisition of 24.91% shareholding in Future Generali India Insurance (FGIICL) and 25.18% shareholding in Future Generali India Life Insurance (FGILICL) by Mumbai-headquartered Central Bank of India (CBI).
The Guangdong Financial Regulatory Bureau has issued a circular stating that it was carrying out a probe on the illegal sales of insurance products from overseas and illegal cross-border insurance transactions in the province (excluding Shenzhen).
The National Insurance Commission (NAICOM), has signed a memorandum of Understanding MOU) with the Ministry of Youth Development to train 1,000,000 Nigerian youths under a programme tagged, "One Million Youths in Insurance".
Speakers at the 2024 Global Asia Insurance Partnership (GAIP) Summit explored the current landscape of protection gaps, while discussing global efforts to address these challenges and evaluating the effectiveness of these initiatives.