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China issues new rule on pension insurance business

China's first rule on pension insurance business, the Regulations on Pension Insurance Business of Insurance Companies, will take effect as of January 1, 2008, announced China Insurance Regulatory Commission (CIRC) Monday. The new rule makes regulations on the operation activities of pension insurance business in the aspects of operation entity, management of pension insurance product and operation and enterprise annuity management business.

Malaysia Wants A More Competitive Asean Insurance Industry

Malaysia wants all the players in the Association of Southeast Asian Nations (Asean) insurance industry to increase their competitiveness as a region in order to retain a greater share in the insurance business.

Bank Negara Malaysia Deputy Governor, Datuk Mohd Razif Abdul Kadir said there was a great potential for the Asean players to retain a greater share of the insurance business particularly in reinsurance and underwriting of large, specialised risk which traditionally flows out of the region, he said.

Vietnam insurance market grows drastically

Viet Nam’s one-year membership of the World Trade Organisation (WTO) was marked with the beyond-expectation growth by the fledgling insurance industry, Viet Nam Insurance Association General Secretary Phung Dac Loc said.

He said the sector registered a 31 percent increase, or five-year high, in non-life premium revenue of almost 6 trillion VND in the first nine months of 2007. Life premium revenues also recorded a three-year high with a growth rate of over 10 percent.

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