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China Steps Up Building of Local Insurance Regulatory Frame
China has stepped up the building of a local insurance regulatory framework, with the inauguration of the seventh regional regulatory office in Jinan, capital city of Shandong Province, in east China Tuesday.
The regulatory offices in Shenyang, Changchun and Harbin in northeast China were opened shortly after the first offices were opened in Shanghai, Beijing and Guangzhou earlier this year.
Vice-Chairman of the China Insurance Regulatory Commission Feng Xiaozeng said at today's inauguration ceremony the establishment of local regulatory offices will help strengthen supervision over local markets, regulate how insurers operate, protect the interests of their customers and promote the sustained, fast and healthy development of the insurance industry.
He disclosed that regulatory offices in Guiyang, Chongqing, Fuzhou, Hangzhou, Hefei and Chengdu will open soon, and offices in other major cities will go into operation by the end of the year.
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