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China to Abide by Int'l Practices in Regulating Insurance Industry: Official
China will further improve its insurance regulatory frame and gradually bring it in line with international practices, top regulator Ma Yongwei said Monday.
Speaking at a national insurance conference in Beijing, the chairman of the China Insurance Regulatory Commission (CIRC) said his organization will improve its new products approval procedure to increase efficiency and encourage product innovation.
The CIRC will improve its annual inspection procedures and concentrate on key issues and firms.
It will further reduce administrative examination items for project approvals, and when such approvals can not be avoided, the CIRC will display higher transparency, the official said.
According to the chairman, the CIRC will establish an information disclosure system, under which information relevant to insurance firms will be revealed regularly.
To further improve the regulatory framework, the CIRC will issue new statutes in relation to the management of foreign insurance firms, the management of licenses, the punishment of certain behaviors, administrative sanction procedures by CIRC and applications for reviews of such sanctions, among others this year.
Statutes on insurance brokers, agents and loss adjusters will be amended this year, while more studies will be done on the amendment to the Law of Insurance, Ma said, adding that the CIRC wishes that the amendment will be adopted by legislators as soon as possible.
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