Regulatory

new-directive-likely-to-deflate-profitability-of-sri-lankas-non-life-segment-fitch

New motor SRCC directive likely to deflate profitability of Sri Lanka's non-life segment: Fitch

February 1 2024

Directive requires Sri Lankan non-life insurers to transfer 100% of SRCC-related motor premiums to state-run NITF.

ICA calls for AU$500m annual fund for flood risk mitigation

January 31 2024

ICA's Pre-Budget submission call for AU$500m (US$329m) in flood-mitigation funding and extension of the Disaster Ready Fund, among other initiatives.

Cyber, op resilience, and insurance affordability among APRA priorities for next six months

January 31 2024

Australian regulator provides transparency on interim supervision and policy priorities before it launches its 24-25 corporate plan in August.

APRA increases Auto & General capital requirement by AU$50m

January 30 2024

Following review, regulator mandates risk remediation program and increases capital requirement by AU$50m (US$33m).

Bigmotor scandal yet to dent Sompo share price as Group CEO exits

January 30 2024

Sompo accused of ‘valuing profits over customer interests’ by the FSA in a business improvement order.

AM Best: China’s insurance country risk rating stable in the medium term

January 29 2024

Ratings agency says RBC solvency regime, C-Ross, a buffer against market volatility.

Chinas regulator looking for deeper cooperation between Mainland HK and Macau

China's regulator looking to green and cat bonds to deepen cooperation between Mainland and Hong Kong

January 26 2024

The NFRA is aiming to boost cross-border initiatives between the Mainland, Hong Kong and Macau.

Indian regulator withdraws arbitration clause from tariff-based insurance products

January 25 2024

The IRDAI said Arbitration clause for all tariff-based contracts issued after 27 October 2023 were de-notified, changing a standard that has been in place since 2006.

HK Insurance Authority appoints Clement Lau as Executive Director

January 23 2024

Lau appointed Executive Director for Policy and Legislation for three-year term commencing 23 Jan 2024.

Japan non-life cat premiums set to continue rising

January 18 2024

The changing Japanese inflation outlook is enabling non-life firms to improve underwriting on catastrophe insurance.

cyber-a-key-concern-but-top-business-risk-varied-across-apac-allianz-report

Allianz identifies cyber as key concern, but top business risks diverge across APAC

January 17 2024

Allianz Risk Barometer sees cyber as top risk in three of nine APAC countries, but BI and Nat Cat rank high, with China focused on regulatory changes.

fsa-to-issue-business-improvement-order-to-sompo-japan-over-bigmotor-fraud-reports

FSA to issue business improvement order to Sompo Japan - reports

January 16 2024

Watchdog to mandate Sompo improve operations after probe reveals internal process failures related to dealings with used car dealer Bigmotor Co.

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