News eDaily05 Jun 2017

China:Regulator orders insurers to self-audit recent solvency reports

05 Jun 2017

The insurance regulator CIRC has ordered all insurance companies to carry out a self audit of their solvency data, and to leave no stone unturned to ensure the veracity of their data.

The self audit is to cover quarterly solvency reports the whole of 2016 and for January-to-March 2017, reported Shanghai Securities News. The work is to be completed by 30 June.

The move to authenticate solvency data is part of the CIRC's current drive to restore order in the insurance market and avoid risk. CIRC has previously said that it plans to clamp down on false data in the insurance industry.

The self audit is to cover five main areas: assets; technical reserves; capital; comprehensive risk assessment and information disclosure.

Following the self audit, CIRC is expected to double down by carrying out its own on-site inspections, focussing on insurers found to have been late in submitting solvency reports or to have irregularities in their reports.

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