CIRC ISSUES NEW RULES FOR CHINA'S INSURERS
Monday, Sep 28,2009, 5:48:54 PM Click:
The China Insurance Regulatory Commission (CIRC) on September 27 issued the amended Regulations on the Administration of Insurance Companies, as part of the move to strengthen supervision over insurance organizations.
The new regulations will take effect as from October 1, 2009.
According to the regulations, insurance companies will be required to have sufficient solvency in the previous year and also for two quarters running before they apply to establish branches.
Officials from the CIRC say that the regulations coordinate with China's new Insurance Law, which will take effect on October 1.
The regulations also enhanced supervision on insurance companies' internal control, requiring insurers to establish branch administrative systems.
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