China updates rules for large insurance groups, adds risk control requirements

© Reuters. Neon signs illuminate China’s listed companies including China Life Insurance, TCL Corporation, China Pacific Insurance Company (CPIC), Xiaomi Inc (Mi), Beijing Enterprises Holdings (bottom), Bank of Communications (2nd L) and China Taiping Insurance Hold

BEIJING (Reuters) – China’s banking and insurance regulator on Tuesday issued new requirements in the risk management and investment activities of insurance groups, to step up supervision and prevent risks of the sector.

The rules was updated from its earlier version in 2010 to adapt with significant changes in the development of insurance groups over years, and the external environment, according to a website statement of the China Banking and Insurance Regulatory Commission (CBIRC).

China has 13 insurance groups with a total asset of 2.2 trillion yuan ($345.29 billion) under management as of end-2020, dominating the insurance market, it said.

($1 = 6.3714 renminbi)

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