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Guideline to bolster risk capability in insurance
Print Edition
CHINA’S insurance regulator yesterday issued a guideline on internal control of insurance funds to enhance the sector’s risk management capability.
The China Insurance Regulatory Commission said in a statement on its website that the guideline will improve internal control for the use of insurance funds, enhance the sector’s ability to manage risks and help the sector be prudent in investment and prevent risks.
Along with the guideline, the CIRC also unveiled three separate documents to set standards and procedures for insurance funds’ investment in bank loans, fixed-income products, stocks and mutual funds investing mainly in stocks.
For stocks and mutual funds, insurance firms should form a management system to cap maximum transactions and losses to control risks, it said.
They should also step up monitoring to avoid violations including insider trading, interest transfer, price-fixing and reporting abnormal information, the CIRC said.
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