Insurance groups set to see capital standards raised
Print Edition
INSURANCE groups will see capital standards raised as China’s regulator seeks to reform the risk management system for the industry.
The China Insurance Regulatory Commission will impose a minimum capital requirement on insurance groups after studying their risk management level, and require additional capital for systematically important insurance companies, the regulator said in a statement released yesterday.
The insurance groups are defined as a number of insurers held by an insurance holding company or by a non-insurance company.
Risks within an insurance group, especially those held by a non-insurance company, are viewed as more ambiguous and contagious compared with insurance companies.
It is the first time the CIRC included an insurance group controlled by a non-insurance company.
The new measures are part of China’s second-generation solvency rules that focus on risk management rather than setting capital needs mostly based on an insurer’s size.
They aim to measure the risks insurance companies undertake scientifically and comprehensively and to link capital requirements more closely to risks.
Working with insurance companies since July last year, the CIRC has collected feedback on liquidity risk, solvency management and assessment, and credit rating.
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