Insurance Supervisory Committee to Strengthen Supervision on Reinsurance MarketAt the recently held national reinsurance work conference, Feng Xiaozeng, Vice Chairman of China Insurance Supervision & Management Committee (CISMM) said that CISMM would strengthen the supervision on reinsurance market so as to make this market purified.Feng said that the cleaning of reinsurance market meant to implement the stipulations governing the reinsurance in conformity with the Insurance Law and other relevant regulations in the business operation. CISMM would strengthen the administration on the business of reinsurance companies, banning strictly the insurance companies to serve as an underwriter for any foreign insurance company at prices lower than the normal premiums offered by Chinese companies in reinsurance market. Once such a case is found out, CISMM will inflict fines heavily. In addition, the supervision on reinsurance brokers would be strengthened and all those who violated the regulations would be put into the "black list", and no company would be permitted to establish any business relationship with those in the black list. |
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