China - The China Insurance Regulatory Commission has been working for a number of years on a new insurance law. A draft is currently being considered by the State Council and will be submitted to the Standing Committee of the National People’s Congress before the end of 2008. The law may not be in force until the beginning of 2009.
Germany - In March 2008 Germany introduced an electronic proof of motor liability insurance to make the registration of motor vehicles more efficient and user friendly. The proof of insurance is legally required in order to register or re-register a vehicle. An online method using unique reference numbers will replace the paper based system in use and is expected to reduce bureaucratic burdens and improve cost efficiency.
Pakistan - With effect from 1 July 2008 the central excise tax of 5% payable by the insured on all classes of non-life policies except marine cargo, was increased to 10%. A withholding tax of 5% on ceded premium and paid by the reinsurer was introduced from the same date.
Turkey - A regulation was issued in May 2008 eliminating the tariff for compulsory motor insurance and insurers are free to set their own rates from 1 July 2008. The Ministry of Finance will continue to establish the compulsory limit, which was increased by 25% from July. |
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