Insurance News ME

UAE to establish health insurance regulator

The establishment of a federal health insurance authority to regulate the industry across the United Arab Emirates has moved a step closer, it was confirmed at Arab Health – the Middle East’s largest gathering of medical professionals – which opened in Dubai yesterday (28 January 2008).

China to issue rules on bank insurance businesses soon

The Chinese government will issue rules on allowing banks to carry out insurance business shortly, but no details have been finalized so far, an official at the banking regulator told Dow Jones Newswires on Tuesday.

Irda plans credit rating for insurance firms - India

The Insurance Regulatory Authority of India (Irda) is planning credit rating for insurance companies.

New reinsurance rules will benefit Brazilian insurance industry - Fitch

Fitch Ratings said the main changes introduced by Resolutions of Brazil's National Private Insurance Board regarding the reinsurance and retrocession should benefit the insurance industry as the new framework presents some restrictions.

India - Capital crunch may restrict banks' insurance plans

Though most public sector banks find floating life insurance ventures lucrative, they will have to consider their capital constraints before actually taking the plunge.

Kenya - Officials to stamp out insurance irregularities

The recently established Insurance Regulatory Authority plans to employ more legal officials to enhance its capacity and stamp irregularities in the insurance industry.

Lebanese insurers cry foul over draft law to revamp regulation

A new draft law submitted by the Economy and Trade Ministry aimed at regulating Lebanon's insurance industry came under heavy criticism Friday for the stringent conditions proposed in the bill.

Japanese Banks Clear Hurdle

Japan's ruling Liberal Democratic Party yesterday gave the go-ahead to banks to sell all forms of insurance from Dec. 22, paving the way for official government approval of the liberalization step.

Revamped insurance laws in pipeline

Draft amendments to the Life Insurance Act and the General Insurance Act will go before the National Legislative Assembly (NLA) on Wednesday and are expected to be in force by the end of this year, according to the Office of the Insurance Commission (OIC).

Detariffing to speed up health insurance growth

MUMBAI: The insurance regulator expects health insurance to be the second-largest premium earner for insurance companies, after motor insurance within the next three years.