China’s Regulators Cracks Down on 10 Insurers for Property Product Violations

China’s Regulators Cracks Down on 10 Insurers for Property Product Violations

Du Chuan

Date: Wed, 02/14/2018 - 17:28 / source:Yicai
China’s Regulators Cracks Down on 10 Insurers for Property Product Violations
China’s Regulators Cracks Down on 10 Insurers for Property Product Violations

(Yicai Global) Feb. 14 -- China’s regulators have intensified their scrutiny of the property insurance market, reprimanding 10 firms for legal violations related to their product offerings.

China Insurance Regulatory Commission has sent out 19 regulatory notices to 10 companies, calling for them to suspend sales of the problematic products and banning them from putting out new products for the next three months, the regulator said on its website.

The State Administration of Foreign Exchange and the CIRC have also jointly issued new regulations to reduce risks related to overseas loans among insurers and prevent overseas investments.

The CIRC has adopted a stricter stance toward the market since the turn of the year, successively issuing five risk warnings, five administrative penalties and 28 regulatory violation notices, as well as drafting several new policies.

The body aims to rebuild the image of the sector and reduce associated risks through more stringent rules and reinforced supervision, Deputy Chairman Chen Wenhui said at the end of last year.

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Keywords: China Insurance Regulatory Commission