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China launches probe into insurance fund use to curb risk -report -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – People stroll in Beijing’s Central Business District (CBD), on October 25, 2021. REUTERS/Thomas Peter

SHANGHAI, (Reuters) – Chinese regulators launched an investigation into insurance fund use in an effort to counter any illegal usage and reduce risk in the sector. This was reported by the Shanghai Securities News on Thursday.

According to the report, a routine inspection in 2008 had revealed that some institutions were having serious compliance problems.

The newspaper stated that institutions must now formulate rectification strategies – including holding responsible staff for any violations or lapses.

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