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Iran: New Insurance Law Provides for Equal Compensation to Women in Traffic Accidents

(Apr. 11, 2016) It was reported on March 15, 2016, that Iran’s Guardian Council, a 12-member body that vets legislation to ensure it conforms to Shari’a law, had approved the Third Party Insurance Bill. The legislation, which is expected to become effective in the near future, “will bind insurance companies to compensate victims of road […]

Italy: Comprehensive Legislation on the “Green Economy”

(Feb. 24, 2016) On December 28, 2015, Italy passed historic and wide-ranging legislation for the promotion of the “green economy.” Law No. 221 entered into effect on February 2, 2016.  (Law No. 221 of December 28, 2015, Provisions on the Environment to Promote the Green Economy and to Restrict the Excessive Use of Natural Resources […]

Israel: State Funding of Child Savings Accounts

(Jan. 13, 2016) On November 18, 2015, the Knesset (Israel’s parliament) passed legislation providing for the transfer of funds by the National Insurance Institute (NII) into child savings accounts (CSAs).  (Economic Improvement (Amendments for Reaching Budget Goals for Budget Years 2015 and 2016) Law, 5776-2015, §§ 28–29, SEFER HAHUKIM [BOOK OF LAWS (the official gazette), […]

Indonesia: Circulars Issued on Bank Accounts for Foreigners, Other Financial Services

(Sept. 18, 2015) Indonesia’s Financial Services Authority has recently issued a number of regulations and circulars, including a Regulation on Framework Provisions on the National Economic Stimulus for Banks (Regulation No. 11/POJK.03/2015) and a Regulation on Framework Provisions of the National Economic Stimulus for Islamic Banks and Sharia Businesses (Regulation No. 12/POJK.03/2015, in addition to […]

China: New Measures on Travel Liability Insurance

(Jan. 6, 2011) On November 25, 2010, the National Tourism Administration (NTA) and the China Insurance Regulatory Commission (CIRC) issued the Measures on the Administration of Travel Agency Liability Insurance. The Measures, which will be in effect as of February 1, 2011, include provisions on the process of taking out insurance, compensation, supervision and inspection, […]

South Africa: Constitutionality of Road Accident Fund Act Provision Challenged

(May 10, 2010) It was reported on May 7, 2010, that the constitutionality of a provision of the Road Accident Fund Act on the statutory limitation period for making claims against the Fund is being challenged before South Africa's Constitutional Court. (Ernest Mabuza, Three-Year Accident Claim Limit to Come Under Scrutiny in Constitutional Court Hearing, […]

Peru: Mandatory Insurance for Traffic Accidents

(July 1, 2009) On May 13, 2009, Javier Velasquez Quesquen, the President of the Congress of Peru, enacted a law amending Law No. 28515 on the promotion of transparency of information concerning the mandatory insurance to cover traffic accidents (known as SOAT). The amendment establishes the obligation of insurance companies to provide written notification to […]

Peru: Registry of Information on Life Insurance Contracts

(June 3, 2009) On May 8, 2009, the President of the Congress of Peru signed Law No. 29355, creating the National Registry of Information on Contracts of Life Insurance and Personal Accidents with Coverage of Death or Accidental Death. The purpose of the Registry is to provide information on the insured and, at their death, […]

China: Major Revision of Insurance Law

(Mar. 11, 2009) On February 28, 2009, China's National People's Congress (NPC) Standing Committee approved amendments to the Insurance Law. The revision expands the number of articles in the Law to 187 from 158. The changes will take effect on October 1, 2009. (Authorized Issuance: Insurance Law of the People's Republic of China [in Chinese], […]

Japan: New Insurance Law

(July 2, 2008) The Diet (Japan's Parliament) passed the new Insurance Law on May 30, 2008. The old law was enacted in 1911. At that time, the legislature did not foresee the spread of injury and illness insurance, and so there have not been specific provisions for such insurance. The life insurance part of the […]