News eDaily05 Jul 2017

China:Regulator demands report on life insurers' business ops

| 05 Jul 2017

The insurance regulator CIRC has issued a directive demanding that life insurers submit a report on recent business operations by 7 July. The move is speculated to be about insurers' cashflows, so as to be on the alert for unexpected risk.

The information being sought by CIRC covers two parts: an analysis of new market trends or focal points in the year to date, a summary of first-half operations and a brief on the main issues they have encountered; and financial data for the year to date including premium revenue and new business, according to local media reports.

The CIRC said that the move is aimed at the timely and accurate understanding and evaluation of developments in the life insurance market.

A similar directive was issued in early March with the CIRC seeking information for the first two months of this year.

While some industry players dismiss the directive as part of routine, others surmise that the CIRC wants to ensure that it could detect possible liquidity problems or other risks early.

Insurance companies are already submitting quarterly solvency reports.

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