Insurance Regulation in Asia Pacific 2025: Ten Things to Know About Countries in the Region
By Anna Tipping · Norton Rose Fulbright · 2025
Study guide: Exam 6I
Norton Rose Fulbright's guide to ten common regulatory issues for insurance companies in 19 Asia Pacific jurisdictions, as at January 1, 2025. It is the eleventh edition. For each country it identifies the regulator, whether branches of foreign insurers are permitted, any restriction on foreign direct investment, the controller regimes and change-of-control approvals, the regulatory capital regime, group supervision, policyholder protection, portfolio transfers and the regulatory oversight of outsourcing.
On the syllabus
- Exam 6I — objective A1; only China (pp. 10–11), Hong Kong (pp. 12–14), Malaysia (pp. 30–31) and Singapore (pp. 41–42)
Contacts
Contributing law firms
Preface
- The guide's purpose is to provide an overview and practical checklist of ten common regulatory issues for insurance companies in the key Asia Pacific jurisdictions; it is not a substitute for considered legal advice.
Australia
Cambodia
China
- 01 The regulator
- The National Financial Regulatory Administration (NFRA) regulates insurance companies and intermediaries.
- 02 Subsidiary/branch
- 03 FDI restrictions
- 04 Control approvals
- 05 Minimum capital
- 06 Risk-based capital
- 07 Group supervision
- 08 Policyholder protection
- 09 Portfolio transfers
- 10 Outsourcing
Hong Kong
- 01 The regulator
- The Insurance Authority (IA), an independent statutory body, administers the Insurance Ordinance (Cap. 41), which governs the regulation of insurers and insurance intermediaries.
- 02 Subsidiary/branch
- 03 FDI restrictions
- 04 Change of control approvals
- 05 Minimum capital
- 06 Risk-based capital
- 07 Group supervision
- 08 Policyholder protection
- 09 Portfolio transfers
- 10 Outsourcing
India
Indonesia
Japan
Macau
Malaysia
- 01 The regulator
- Bank Negara Malaysia (BNM) regulates entities which carry on insurance business, insurance broking, adjusting and financial advisory; insurers are licensed by the Minister of Finance on BNM's recommendation.
- 02 Subsidiary/branch
- 03 FDI restrictions
- 04 Control approvals
- 05 Minimum capital
- 06 Risk-based capital
- 07 Group supervision
- 08 Policyholder protection
- 09 Portfolio transfers
- 10 Outsourcing
Mongolia
Myanmar
New Zealand
The Philippines
Singapore
- 01 The regulator
- The Monetary Authority of Singapore (MAS), the central bank of Singapore, administers the Insurance Act 1966.
- 02 Subsidiary/branch
- 03 FDI restrictions
- 04 Control approvals
- 05 Minimum capital
- 06 Risk-based capital
- 07 Group supervision
- 08 Policyholder protection
- 09 Portfolio transfers
- 10 Outsourcing
South Korea
Sri Lanka
Taiwan
Thailand
Vietnam
Sources
- Insurance regulation in Asia Pacific 2025 (Norton Rose Fulbright) — the document: title, the contents page, the preface (its purpose, the eleventh edition, information as at January 1, 2025), the editor (Anna Tipping, Partner, Singapore), © Norton Rose Fulbright LLP, and the ten headings and regulator of each assigned country (sha256 9e1c6a6166f49b5e…); the copy is hosted by Nishimura & Asahi, which contributed the Japan chapter; Norton Rose Fulbright wrote the China, Hong Kong and Singapore chapters while Zaid Ibrahim & Co (in association with KPMG Law) contributed Malaysia's
- CAS Exam 6I Content Outline, Fall 2026 — the citation, the objective (A1) and the four countries and pages required