News eDaily01 Jun 2017

China:CIRC to pick outsiders to form solvency advisory committee

01 Jun 2017

The insurance regulator, CIRC, said yesterday that it had decided to set up an advisory committee on solvency supervision, with the first batch of consultants to be picked from external parties.

To improve and effectively implement China's risk-oriented solvency system, the advisory committee will participate in the formulation and implementation of solvency standards; international cooperation; as well as research into hot topics, difficulties and new questions in solvency supervision.

Advisers will also participate in expert audits and assessments of insurance companies organised by the CIRC, as well as track and analyse international solvency regulatory dynamics.

Recruitment is open to qualified experts with academic, corporate and government backgrounds. The CIRC said it would give priority to candidates who can work independently in the English language, and are below 45 years old. Members of the new committee will have a three-year term of service. Candidates can apply to the regulator by 30 June.

Last year, CIRC implemented in full the China Risk Oriented Solvency System (C-ROSS), which is a shift to a risk-based solvency management system from one that was based on scale, regardless of risk profiles.


 

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