The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has issued a circular to ensure that insurance personnel whose work involves the Turkish Financial Reporting Standard 17 (TFRS 17) have the required knowledge, skills, and competencies.
Proposed accounting rules in Taiwan will ease the impact of foreign-exchange (FX) volatility on life insurers' reported earnings but could increase structural FX exposure, particularly for life insurers with weak long-term currency match management, according to a commentary released by Fitch Ratings. The credit ratings organisation said it considers the approach a deviation from international practice, which may reduce comparability for global investors.
Insurance professionals are optimistic that proposed amendments to Algeria's insurance law would promote the development of the industry as the legislation moves closer to enactment. The draft Bill was recently returned, after revision, for review by the Head of State.
What has really driven ESG considerations among corporate clients, including insurers, over the past three to four years has been the introduction of mandatory disclosure requirements across the region, according to Deloitte Asia Pacific Sustainability and Climate Leader Will Symons.
The Office of the Insurance Commission (OIC), Thailand's insurance regulator, has announced that insurance assistance and compensation have been confirmed in respect of all 161 victims of the crane collapse incident on 14 January.
The Association of Kenya Insurers (AKI) has aired concerns over the government's plan to set up a single channel for dialogue between public institutions and the private sector.
Saudi Arabia's Council of Ministers have approved the National Insurance Sector Strategy, developed by the Insurance Authority to unlock the sector's full potential and position the Saudi insurance market among the world's fastest-growing and most advanced.
The Indonesian regulator, Financial Services Authority (OJK), has highlighted rampant fraud in the disbursement of life insurance claims in various parts of the country.
Foreign vehicles entering Qatar through the Abu Samra Border Crossing will be able to obtain motor insurance online before entering the country, speeding up the border entry process.
The Financial Services Authority (FSA) yesterday issued an administrative decision approving new regulatory amendments to the Unified Motor Insurance Policy Model, introducing a package of benefits aimed at expanding insurance protection for motor insurance policyholders and enhancing the quality of services provided.