Chinese regulators adopted shock and awe tactics last Saturday to target misbehaving shareholders of insurers and banks by naming and shaming 38 corporate investors for having "gravely" violated rules and laws in their first such exercise, reported Reuters.
Even though the Chinese insurance industry has been hit hard by the COVID-19 pandemic, agents are optimistic about the future, according to the findings of a recent survey by the global consulting firm McKinsey.
The CBIRC has issued a notice to standardise and strengthen the management of Internet insurance sales behaviour and protect the interests of consumers who buy their insurance policies online.
The CBIRC has issued regulations to allow insurance funds to deal in treasury bond futures, restricting transactions to hedging and barring speculation.
Hong Kong-based Standard Life Asia yesterday announced that it is starting a new chapter following the completion of its sale to Tianjin-headquartered Heng An Standard Life Insurance (HASL).
Two insurers are on the sidelines of a dispute between China's biggest video game and social media firm, Tencent, and Guiyang-based chilli sauce maker Lao Gan Ma, one of China's best known food brands.
The CBIRC will launch a three-year action plan to introduce agricultural insurance risk zoning, according to Mr Liang Tao, CBIRC vice chairman.
Insurers will need to change how they support agents to help them become more resilient in the face of the COVID-19 pandemic and prepare to thrive in the next normal, according to an article posted on the website of the global consulting firm McKinsey.
Chinese giant insurance group, Ping An Insurance (Group) Co of China, has announced that its board has approved the resignation of its company founder and chairman Ma Mingzhe as chief executive that took effect on 1 July.
The Shanghai police has detained 71 suspects for allegedly defrauding insurance companies. Two insurers were defrauded over CNY16m ($2.3m), authorities say.