May 2019

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China: CIRC to audit risk management practices annually

Source: Asia Insurance Review | Oct 2013

With effect from 1 January next year, CIRC will be assessing its risk management practices and case inspections on an annual basis, with the move seen as an outcome of the CNY500 million (US$81 million) scam at Shanghai Fanxin Insurance Agency, into which investigations are ongoing.

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