Saturday, July 22, 2017

CIRC vows to continue crackdown on HK sales

CIRC has vowed to maintain its crackdown on the sales of Hong Kong insurance products by mainland agencies.

According to the China Insurance Regulatory Commission (CIRC), the illegal practice has led to asset outflows and aids money-laundering.

The crackdown to curb illegal sales of Hong Kong insurance products started late last year.

As a result, the CIRC has revoked the agency permit of one mainland insurance agency, as well as shut down 35 websites and public accounts on WeChat, China’s dominant messaging platform.

Earlier, the CIRC also said it will implement a spate of more stringent measures on the management of liability, investment and liquidity risks.

These stricter controls will be made as the commission assesses solvency requirements for the second year.

It will focus on asset and liability management and implement moves on financial deregulation in an attempt to mitigate risks in banking, securities, insurance and asset management sectors.

 

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