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Regulation tag returned 57 results

  • Hong Kong's CEO of Insurance Authority re-elected as Chairman of Asian Forum of Insurance Regulators

    Clement Cheung, CEO of the Hong Kong Insurance Authority, has been re-elected as chairman of the Asian Forum of Insurance Regulators. Mr Cheung's second term is for two years until 2022.

    Date : 04 Aug 2020
  • Myanmar's Reinsurance Revolution

    Myanmar is to allow foreign participation in the reinsurance market as the government moves to allow greater liberalisation of the country's insurance sector. The Insurance Business Regulatory Board (IBRB) - which supervises the insurance industry - had promised for some time that foreign firms would be allowed to compete with local insurance businesses through reinsurance arrangements. William Aung, a consultant covering Myanmar's financial services sectors, who has also worked as a national insurance expert for an Asian Development Bank project, shares with Asia Advisers Network insights on the development.

    Date : 20 Jul 2020
  • China Banking and Insurance Regulatory Commission extends preferential treatment for the Hong Kong insurance industry

    The China Banking and Insurance Regulatory Commission (CBIRC) has announced an extension of the preferential treatment accorded to Hong Kong under the "China Risk Oriented Solvency System" for another year to 30 June 2021. This means that Mainland insurers who cede businesses to qualified Hong Kong professional reinsurers are allowed to enjoy lower capital requirements.

    Date : 30 Jun 2020
  • China: AIA approved as the first foreign company with a wholly-owned life insurance subsidiary

    AIA has received approval from the China Banking and Insurance Regulatory Commission to convert its Shanghai Branch into a wholly-owned subsidiary of AIA. This new subsidiary will be incorporated in Shanghai and is the first wholly foreign-owned life insurance company approved for incorporation in Mainland China.

    Date : 23 Jun 2020
  • Hong Kong: Non-face-to-face distribution of selected products extended to 30 Sep

    The Insurance Authority (IA) has announced the extension of temporary facilitative measures for non-face-to-face distribution of specific insurance products for another three months to 30 September 2020. This was announced in view of the latest developments of the COVID-19 pandemic.

    Date : 22 Jun 2020
  • Taiwan: Financial Supervisory Commission Chairman Dr Thomas Huang cites six areas new guidance would be provided

    Dr Thomas Huang, who has assumed the post of Chairman of the Financial Supervisory Commission (FSC) in Taiwan, cited six areas in which new guidance would be provided by the FSC by the end of August.

    Date : 02 Jun 2020
  • Philippines: Insurers seek regulatory relief amidst COVID-19

    Insurers in the Philippines have asked the Insurance Commission (IC) to ease certain regulatory requirements to alleviate the impact of the coronavirus pandemic on the industry, reported local publication BusinessWorld.

    Date : 12 May 2020
  • Case study: IFRS 17 implementation at Samsung Life Insurance

    The majority of the insurance industry is in the midst of tackling the significant challenges posed by the implementation of material accounting and actuarial system changes required to comply with the new IFRS 17 regulation on how insurance contracts should be accounted for. In recognition of the sheer complexity of this regulatory change the mandatory "go-live" date has been shifted to 1 January 2023, adding an extra twelve months for insurance companies to complete their work.

    Date : 14 Apr 2020
  • Malaysia: NAMLIFA appeals for greater relief measures in COVID-19 crisis

    The National Association of Malaysian Life Insurance and Family Takaful Advisors (NAMLIFA), has appealed for more measures to be introduced to lend a helping hand to policyholders and members in this Coronavirus (COVID-19) crisis.

    Date : 02 Apr 2020
  • Hong Kong: Insurance Authority extends validity of temporary facilitative measures, non-face-to-face methods

    The Insurance Authority (IA) has announced the second phase of temporary facilitative measures, in view of the latest developments of the COVID-19 pandemic. It has widened the types of life insurance products that can be distributed through non-face-to-face methods to minimise the risk of infection during the selling process.

    Date : 31 Mar 2020
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