CBIRC issues document on rural revitalization work

Rural revitalization is a key policy aimed at keeping the economy growing, supporting employment, addressing inequality, and unleashing what the Party sees as a vast untapped consumer market, namely the rural population. Finance plays a crucial role here both in providing a vast financially-starved part of the economy with access to credit and beefing up insurance to help cushion farmers and rural businesses in the event of disasters…
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CBIRC releases implementation rules covering reserves of non-life insurers

As China’s insurance sector continues to grow, developing a robust framework for ensuring companies have sufficient reserves will be crucial to overall financial stability. An insurer’s failure to meet payouts on the policies it has underwritten could have severe knock-on effects throughout the financial sector and could damage consumer confidence in insurance more broadly…
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CBIRC strengthens rules for off-site supervision of insurance companies

The growth of China’s insurance industry has been accompanied by a series of measures designed to improve supervision and oversight mechanisms. As the industry continues to expand, off-site – as opposed to on-site – supervision will play an increasingly important role in ensuring that insurers’ operations are above board and preventing the occurrence of major risk events…
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C-ROSS Phase II goes into effect

As China’s insurance sector continues to grow, developing a robust risk-focused framework that ensures companies have sufficient reserves will be crucial to overall financial stability. An insurer’s failure to meet payouts on the policies it has underwritten could have severe knock-on effects throughout the financial sector and could damage consumer confidence in insurance more broadly…
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Anti-corruption Agency investigates China Life chairman

The CCDI’s focus on the financial sector is part of Xi Jinping’s campaign to contain financial risks and also part of his sweeping anti-corruption campaign. In recent years, regulators have made a special effort to root out the dodgy dealings that have long been a fixture of China’s fast-developing financial system…
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