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People's Daily Online>>China Business

Closer eye paid to insurance firms

(Global Times)

09:37, April 10, 2012

China will strengthen supervision of its insurance industry over the next three to five years to guarantee the ability of insurers to pay compensation, the official China Securities Journal reported yesterday.

New mechanisms will strengthen insurers' capital adequacy supervision, risk management and information disclosure to ensure they retain good financial condition and can pay claims on time, the newspaper said.

While details are still being discussed, the targets were clearly stated in a document issued recently by the China Insurance Regulatory Commission, the newspaper said.

The document "has made it clear that China will use three to five years to build up new supervisory mechanisms on insurers' compensatory capability", the newspaper said.

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