China resumes inquiry into insurance officialsAugust 9 2018 by InsuranceAsia News Staff
Speculation continues as to whether officials close to the former chief of China’s insurance regulator are under investigation.
The discipline inspection department of China’s insurance watchdog has been probing nearly 40 insurance regulatory officials since mid-July.
For observers, this means that Beijing is trying to demand accountability from insurance regulatory personnel, specifically those below the national hierarchy.
The probe into officials connected to Xiang Junbo, the former head of the insurance regulator, was suspended after a government reorganisation that saw the insurance and banking industry regulators merge.
It appears that the crackdown against unscrupulous officials in the government has gained a renewed push.
Xiang became the first sitting head of a financial regulator in China to be subjected to investigation for his alleged involvement in corruption.
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China has recommitted to opening up its market to foreign insurers.
- January 21
Minimum capital requirements of P900m are necessary by the end of the year.
- January 8
Insurance Council of Australia wants more information from the Australian Securities and Investments Commission.
- January 4
Officials said on Wednesday that they are finally ready to award licences to foreign insurers.