CIRC eyes tougher rules
Print Edition
China will regulate some insurers’ bank deposits to strengthen risk management as interest rates are liberalized, the insurance watchdog said yesterday.
Insurance companies should standardize operations with bank deposits, which amount to about one third of total fundamental insurance assets, said a statement by the China Insurance Regulatory Commission.
The CIRC calls for a custody mechanism for bank deposits, regulating deposit certificate mortgage business and enhancing information disclosure.
Enhanced regulations will aid insurers to handle possible asset-management risks brought by liberal interest rates, which may be realized within one or two years according to the central bank governor’s remarks on Tuesday.
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