CHINAUS AFRICAASIA 中文双语Français
Business\Industries

Chinese regulator steps up scrutiny over insurance firms

Xinhua | Updated: 2017-06-24 10:42
BEIJING - China's top insurance regulator said Friday it would tighten scrutiny over the launch of new insurance companies in a move to defuse risks in the sector.

The China Insurance Regulatory Commission (CIRC) will strengthen oversight to ensure that new insurance firms operate according to company plans, funding provided by shareholders is authentic, and that their stakes are not transferred during the preparatory process of the companies, according to a CIRC statement.

The commission will also more strictly evaluate the performance of company chairmen and senior management staff, and push the firms to improve regulatory compliance.

The move is aimed at enhancing corporate governance and preventing risks at the source, the CIRC said.

Authorities have recently stepped up regulation of the insurance sector, vowing to stop the illegal use of insurance funds, keep the leverage ratio under control and fill regulatory gaps.

The move is part of the deleveraging of the overall financial sector to ward off systemic risks after years of a relatively loose monetary stance.
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US