CIRC Solicits Opinions for Insurers' Information Disclosure

BEIJING, Nov 11, 2009 (SinoCast Daily Business Beat via COMTEX) --

China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, solicited public opinions for rules drafted for the management of insurers' information disclosure via the Internet on November 10.

According to the rules, commercial insurers in the country should make known information regarding to operation and management to the public. In detail, they should unveil basic information, financial accounting information, risk management information, product operation information, solvency information, major related transaction information, major event information and information the CIRC requires them to release. Insurers should have their own websites and update information within 15 days after related events happen. As for that is closely related to the national profit, they could not unveil it after wining a nod from the CIRC.

The rules are worked out to improve vitrification of insurers' information disclose so as to let the public have a better understanding of the nation's insurers, said industry observers.

Source: www.cnstock.com (November 11, 2009)