CIRC prioritizes tasks
By Feng Jianmin |
January 25, 2013, Friday
|
Print Edition
Print Edition
CHINA'S top insurance regulator has prioritized risk control and consumer protection this year amid a growth slowdown in the industry.
Compensation payment, investment risk and solvency are among the top concerns of the regulator that required all insurance companies to "hold firmly to the bottom line to control risks," the Chinese Insurance Regulatory Commission said in a statement yesterday.
The CIRC will also step up protection of consumer rights by correcting misleading sales, facilitating compensations and improving negotiation mechanism, the statement said.
Calling 2013 "perhaps the most difficult year" for China's insurance business, CIRC chairman Xiang Junbo said the primary responsibility of the industry will be to grow steadily.
Premiums increased 8 percent to 1.55 trillion yuan last year in China from 2011, slower than the 10.4-percent annual rise in 2011, according to the CIRC.
The growth rate is in "obvious contrast" with the more than 20 percent average annual increase in the past two decades, Xiang said.
Compensation payment, investment risk and solvency are among the top concerns of the regulator that required all insurance companies to "hold firmly to the bottom line to control risks," the Chinese Insurance Regulatory Commission said in a statement yesterday.
The CIRC will also step up protection of consumer rights by correcting misleading sales, facilitating compensations and improving negotiation mechanism, the statement said.
Calling 2013 "perhaps the most difficult year" for China's insurance business, CIRC chairman Xiang Junbo said the primary responsibility of the industry will be to grow steadily.
Premiums increased 8 percent to 1.55 trillion yuan last year in China from 2011, slower than the 10.4-percent annual rise in 2011, according to the CIRC.
The growth rate is in "obvious contrast" with the more than 20 percent average annual increase in the past two decades, Xiang said.
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