China to tighten regulation of insurance market in draft guideline

Photo: Pixabay

China’s banking and insurance watchdog issued a draft guideline on Friday aiming to improve its regulation over insurance group companies to prevent financial risks as the world’s no.2 economy strives to recover from the impact of COVID-19.

China Banking and Insurance Regulatory Commission (CBIRC) is seeking public advice on the draft and the amendments it makes to a 2010 version of the rules regulating such companies.

The proposed changes include requiring insurance group companies to build a clear and transparent shareholding structure and set up mechanisms to alert potential contagious risks, according to a statement on the regulator’s website.

It would also ask the insurance group companies to enhance oversight of their non-insurance subsidiaries and make disclosures accordingly.

The regulator would implement a “thorough, continuous and penetrating supervision” over insurance group companies to effectively prevent their operational risks with the draft rules, CBIRC said.

China has 12 insurance group companies including Ping An Insurance Group Co and Dajia Insurance Group Co., the revamped entity of embattled Anbang Insurance Group.

CBIRC is probing Ping An Insurance‘s investments in the property market, Reuters reported on Monday, citing two people with knowledge of the matter, after the firm took a big profit hit from a soured bet.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.