Risk Based Capital Archives - InsuranceAsia News https://insuranceasianews.com/industry_segments/risk-based-capital/ Sun, 05 May 2024 03:31:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 HKIA extends transitional period for RBC reporting to 3 years https://insuranceasianews.com/hk-insurance-authority-extends-transitional-period-for-data-submission/ Sun, 28 Apr 2024 23:00:44 +0000 https://insuranceasianews.com/?p=152867 The regulator has extended the transitional period by a year following industry's feedback for more time to get familiar with the new reporting requirements under the risk-based capital regime.

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Industry regulator Hong Kong Insurance Authority (HKIA) has extended the transitional period for insurers to submit financial statements under the risk-based capital (RBC) regime to three years from t...

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]]> Insurers face headwinds from pace of regulatory changes: Zurich’s APAC CRO https://insuranceasianews.com/insurers-face-headwinds-from-pace-and-of-regulatory-change-zurichs-apac-head-of-risk/ Tue, 23 Apr 2024 23:30:25 +0000 https://insuranceasianews.com/?p=152657 Regulatory changes aside, the insurer's regional head of risk Siddhartha Medappa names macroeconomic risks, climate change, cyber and infectious disease as top risks facing businesses in the region.

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The amount of regulatory changes and the short timeframe to implement them is one of the major headwinds facing regional insurers, according to Zurich Asia Pacific chief risk officer (CRO) Siddhartha ...

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]]> Cautious approach on Aswata’s reinsurance dependence and panel: Fitch https://insuranceasianews.com/cautious-approach-on-aswatas-reinsurance-dependence-and-panel-fitch/ Mon, 06 Nov 2023 08:28:36 +0000 https://insuranceasianews.com/?p=137819 The rating agency has affirmed an insurer rating of AA(idn) with a stable outlook, primarily driven by its high capitalisation and sustained high underwriting profitability.

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Fitch Ratings will remain cautious on Indonesian non-life insurer Asuransi Wahana Tata’s (Aswata) high dependence on reinsurance, especially on the credit quality of some of those reinsurers.
The rat...

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]]> Indian government reneges on capital support to state-owned general insurers: report https://insuranceasianews.com/government-reneges-on-capital-support-to-state-owned-general-insurers-report/ Mon, 28 Aug 2023 09:08:00 +0000 https://insuranceasianews.com/?p=132890 The government last year provided US$600m in capital to National Insurance, Oriental Insurance and United India Insurance to meet regulatory solvency norms.

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The government of India has backtracked on its plan to provide capital support to three loss-making state-owned general insurers as it now does not see any need for it in the current financial year, a...

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]]> Korea’s new standards regime and IFRS 17 to squeeze insurers’ capital buffers: Fitch https://insuranceasianews.com/koreas-new-standards-regime-and-ifrs-17-to-squeeze-insurers-capital-buffers-fitch/ Tue, 23 Aug 2022 06:21:13 +0000 https://insuranceasianews.com/?p=106585 K-ICS will not materially change the underlying risk structure and will have limited rating impact.

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The implementation of the Korean Insurance Capital Standard (K-ICS) along with the IFRS 17 accounting standards, which will both take effect from 2023, will squeeze insurers’ capital buffers, accordin...

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]]> Fitch downgrades Sri Lanka Insurance as crisis bites https://insuranceasianews.com/fitch-downgrades-sri-lanka-insurance-as-crisis-bites/ Sun, 24 Apr 2022 22:01:59 +0000 https://insuranceasianews.com/?p=99413 The country's financial crisis is slowing down premium growth.

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Fitch Ratings has downgraded Sri Lanka Insurance financial strength rating to 'CC', from 'CCC+', and has placed it on rating watch negative (RWN) as the country faces a financial crisis which is set t...

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]]> MAS reviewing asset, liability exposure reporting https://insuranceasianews.com/mas-reviewing-asset-liability-exposure-reporting/ Mon, 08 Nov 2021 09:10:48 +0000 https://insuranceasianews.com/?p=91259 Insurers have until December 6, 2021 to submit their comments on the new proposals.

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The Monetary Authority of Singapore (MAS) is planning changes to the process through which it conducts reviews of insurers' asset and liability exposure, according to a November 5 announcement from th...

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]]> APRA flags insurance capital framework as key priority https://insuranceasianews.com/apra-flags-insurance-capital-framework-as-key-priority/ Fri, 24 Sep 2021 04:29:56 +0000 https://insuranceasianews.com/?p=88976 The regulator has pushed policy initiatives such as new offshore reinsurance rules to 2022.

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The Australian Prudential Regulation Authority (APRA) has identified reforms to the country's insurance capital framework as one of four key priorities for the regulatory body for the remainder of the...

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]]> New Zealand seeks feedback on interim insurer solvency standards https://insuranceasianews.com/new-zealand-seeks-feedback-on-interim-insurer-solvency-standards/ Mon, 26 Jul 2021 15:00:57 +0000 https://insuranceasianews.com/?p=85000 Stakeholders will have until October 1, 2021 to share their views with the central bank.

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The Reserve Bank of New Zealand (RBNZ) is seeking public comment on a proposed interim solvency standard for insurers ahead of forthcoming changes to IFRS 17 accounting rules.
In a July 22 statement, ...

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]]> Malaysia plans RBC changes for (re)insurers and takaful firms https://insuranceasianews.com/bnm-aims-to-improve-rbc-framework-for-insurers-and-takaful-firms/ Sun, 04 Jul 2021 22:15:14 +0000 https://insuranceasianews.com/?p=83371 The central bank wants to update frameworks to make capital adequacy measures more consistent.

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Bank Negara Malaysia (BNM) has issued proposals to enhance the design of the risk-based capital (RBC) framework for insurers, reinsurers and takaful operators, according to a June 30 announcement.

By...

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