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China updates rules for large insurance groups, adds risk control requirements -Breaking

by Mike Robinson

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© Reuters. China listed companies include China Life Insurance and TCL Corporation. China Pacific Insurance Company is (CPIC), China Life Insurance (China Pacific Insurance Company), China Pacific Insurance Company (CPIC), Xiaomi Inc. (Mi), Beijing Enterprises Holdings, Bank of Communications (2ndL) and China Taiping Insurance Hold.

BEIJING (Reuters), – China’s insurance and banking regulator has issued new guidelines on Tuesday regarding risk management and investment activities for insurance groups. The aim is to improve supervision and protect the sector from potential risks.

According to a statement on the website of China Banking and Insurance Regulatory Commission, (CBIRC), the rules were updated in 2010. This was to reflect significant changes in insurance group development over time and external environments.

It stated that China had 13 insurance companies with total assets of 2.2 trillion Yuan (or $3455.29 billion), under its management at the end of 2020, and was the dominant market for insurance.

($1 = 6.3714 renminbi)

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