Thursday, May 24, 2018

China issues new rules on disclosures for insurers

New rules have been released in China to further regulate and to clarify ambiguous rules on disclosures for insurance companies in the country.

The rules will take effect from July 1.

The China Banking and Insurance Regulatory Commission has issued the rules to stress that disclosures by insurance companies should include basic information, as well as that involving the company’s financial accounting, insurance liability reserve, risk management status, insurance products operation, solvency capacity and major transactions.

For companies selling life insurance policies, the disclosure shall now include the name of the top five products bringing in the most premiums.

Among the items also required to be revealed are the names of the top three products held by policyholders, including the main sales channels and the new payment and surrender value for the year.

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