Wednesday, December 13, 2017

China regulator orders three insurers to fix problems

China’s insurance watchdog, the China Insurance Regulatory Commission (CIRC), has given three insurance companies until December 30 to submit reports on their progress in correcting a range of problems.

CIRC ordered Kunlun Health, Taishan Property & Casualty Insurance, and Yong An Insurance to fix a range of problems including board operations, internal auditing, information disclosure, and management of related-party transactions.

The order came after inspections of the companies’ operations from February to April of this year revealed the various problems.

Kunlun Health became the fourth insurer identified by CIRC for shareholding violations.

The insurer’s ownership has come under scrutiny in the Chinese news media since last year because at least four of its shareholders were linked to Guo Yingcheng, chairman of property developer Kaisa Group.

CIRC said in its letter to Kunlun Health that it had found shareholding violations and would issue further regulatory measures.

However, it did not give details of the violations or potential penalties.

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