China's insurance sector will further carry out reforms aimed at improving management, services and contributing more to the social and economic development of the nation, said Chairman of the China Insurance Regulatory Commission Ma Yongwei on January 24.

Ma told reporters in Beijing that China's state-owned insurance firms will undergo reforms such as training personnel and job positions according to the requirements of modern enterprise systems. Supervisors will be sent to these firms to improve the management of state-owned properties, he said.

Stock holding insurance firms will have to further improve their corporate governance structure and diversify their ownership. State-owned insurance firms might be allowed to have foreign stockholders or become publicly-listed firms.

Ma disclosed that the Commission would grant licenses to more domestically-owned insurance firms and new brokers. Stock-holding firms with sound management will be allowed to open more branches, he said.

The Commission will encourage competition in the re-insurance market by approving new reinsurance firms in China. Ma urged insurance firms to keep developing new products and improving their services to satisfy the needs of customers.

"Insurance firms should further improve their in-house control system and put their investment activities under stricter supervision. We are looking into ways of providing more investment channels for insurance firms," said Ma.