CIRC seeks experts on solvency supervision

June 2 2017 by InsuranceAsia News Staff

The insurance watchdog in China will tap external experts to form part of a solvency supervision consulting panel to further strengthen the country’s risk management capabilities as the sector continues to grow.

The panel will be primarily responsible for advising CIRC on pressing solvency issues, as well as for monitoring development of international practices and providing support to inter-country exchange and cooperation.

The experts will also take part in the regulator’s inspection and evaluation of Chinese insurers, CIRC announced on its website.

Since 2016, China has resorted to a risk-oriented solvency system from a previous scale-oriented scheme.

This is aimed at boosting capital requirements, risk management, and transparency among insurance players.

The nation’s insurance regulator also seeks to put the industry’s practices at par with global standards.

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