Two former insurance agents been banned by the Insurance Authority for three years after being found to have submitted false academic certificates to meet qualification requirements.
Insurers and consumers in New South Wales are set to benefit from the reform, with estimates of potential premium reductions up to 15% for home owners and up to 23% for businesses.
Ergo-Fesco Insurance Brokerage and BMW (China) granted approval to set up operations, as the NAFR looks to increase foreign investment in the domestic (re)insurance industry.
Insurers should take advantage of automation to leverage the data the new standard will produce, said Martyn van Wensveen, a senior management consultant at EY.
The regulator is aiming to study and propose improvements for the channel, as one of ' reaching the last mile' and making insurance products available to 'every nook and corner' of the country.
The Insurance Regulatory and Development Authority of India (IRDAI) is mandating a revised CIS for all insurers, aimed at simplifying policy details and enhancing transparency for insureds.
