News eDaily13 Apr 2017

China:CIRC Vice Chairman warns of four major risks facing insurers

| 13 Apr 2017

The Chinese insurance industry faces compound risks, according to Mr Chen Wenhui, CIRC Vice Chairman.

Solvency risks, liquidity pressures, poor corporate governance and external issues including uncertainties of global politics and the world economy are four major risks weighing on the sector, he said on Tuesday.

His remarks followed a statement from the CIRC on  Monday which stated that it would tighten regulations over the industry. Insurers should focus on insurance business and regulators should strictly enforce regulations, the statement said.

The series of statements came after China's top anti-graft authority announced on Sunday that Xiang Junbo, CIRC Chairman of the CIRC, was being investigated for a suspected disciplinary violations.

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