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China's Insurance Sector Well Prepared for WTO Accession: Official
China's top insurance regulator Ma Yongwei said Thursday in Urumqi that the insurance sector is well prepared for the country's expected accession to the World Trade Organization (WTO).
Speaking at a national insurance conference, the chairman of the China Insurance Regulatory Commission (CIRC) said both the CIRC and the insurers have trained their staff and taken measures to brace for WTO-related challenges.
He noted that the CIRC will strive to improve its regulatory system, including amending regulations and rules that contradict the basic principles of the WTO and the commitments made by the Chinese government.
The CIRC will draft regulations to punish malpractice in the insurance sector, the official said. He noted that the reform of China's state-owned insurance firms will improve, while share-holding firms will continue to improve their corporate structure and management.
The chairman said insurance firms need to pay more attention to efficiency and risk control. He urged Chinese insurers to reduce their costs, develop more new products and improve their services.
Ma said that the CIRC will build a monitoring system over the solvency of insurance firms.
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