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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