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China Insurers Ordered To Rectify Mismanagement: Caixin

As of the end of September, the industry’s outstanding insurance funds reached 22.4 trillion yuan


China
China's regulator has called on the insurance industry to self-rectify. Photo: AFP

 

China’s main financial regulator is asking insurers to rectify a wide range of problems in their multi-trillion-yuan investments by year-end, after a routine round of inspections revealed compliance failures in a number of institutions, according to an official document seen by Caixin.

The China Banking and Insurance Regulatory Commission said it had found misuse of insurance funds. As of the end of September, the industry’s outstanding insurance funds reached 22.4 trillion yuan ($3.5 trillion), official data show.

Read the full report: Caixin

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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