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Risk-Plagued Insurance Sector in Soul-Searching Mission - Caixin Global
source link: http://www.caixinglobal.com/2017-10-08/101153591.html
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Risk-Plagued Insurance Sector in Soul-Searching Mission
China’s insurance regulator is cleaning up risky business operations after years of lax supervision and the downfall in April of its then chairman, Xiang Junbo. Above: Major insurance companies’ nameplates shown on a Shanghai street. Photo: IC
China’s insurance sector--rattled by the fall of the top industry regulator who pushed forward the industry’s wild expansion--is striving to pull itself together.
The China Insurance Regulatory Commission (CIRC) has issued a series of new rules in recent months to try to root out violations and fix problematic business operations. The rules follow the downfall of Xiang Junbo, the former chairman of the CIRC.
The commission’s revamp of the industry comes after years of booming growth amid lax supervision.
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