Required in what way? Better coverage (or lower rates) if you do it? Or is it literally no coverage if you don’t?

That's interesting, I haven't ever been required to do that. I tend to have an annual checkup around my birthday, though it isn't really a physical exam anymore, more of a "hey lets do some blood tests and discuss if there's anything noteworthy we should talk about." They quit actually poking and prodding about the time I turned 45 or so. Doctor says the physical is mostly a waste of time.

USA, I havnt had a physical in ten years. I would be shocked if someone asked for it in a professional setting.

Well that's interesting. Mine always say it is covered, I've never had an insurer (in the US) say its required. I could see it for certain types of life insurance, maybe?

I have never seen or heard of this requirement before. I don’t even see how it could be enforced. What would even be the point, the insurer (even if employer funded) is not allowed to deny or price coverage based on health risks of the insured.