//Insurance Regulation Changes- Jan 2022
Staying on top of changes to insurance regulation is made easy with Axco's Regulatory Alerts product. Our team of dedicated, specialised researchers inform you of the most impactful changes in the market including notices of draft and proposed legislation. Recent alerts from global markets include:
The Insurance Premium Levy (Amendment) Act 2021 received assent on 29 December 2021 and took effect, as planned, from 1 January 2022. As a result, the insurance premium levy rate has risen to 5%.
The state regulator of New State Wales, Australia has used a profit clawback mechanism for the first time from compulsory motor insurers, implementing for the first time powers brought in in 2017
The FSA in the Seychelles has warned of enforcement action against insurers and intermediaries involved in fronting
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