China Insurance Regulatory Commission (CIRC) News

Yangtze Ship Disaster Insurance Payout Estimated at $14.9 Million

China’s insurance regulator estimates the payout in the fatal Yangtze cruise ship capsizing last week, which killed more than 400 people, at around 92.5 million yuan ($14.91 million), the official Xinhua news agency reported on Wednesday. The China Insurance Regulatory …

A.M. Best: China’s Solvency Rules Will Alter Reinsurance Buying Decisions

China’s new solvency regime will encourage direct insurers to revise their reinsurance programs, or panel of insurers, in order to better manage their solvency requirement arising from reinsurance credit risk, according to a new briefing published by A.M. Best. Titled “China’s …

China Regulators Draft Rules for Insurer Trusts

Collective trusts that insurers are allowed to invest in are confined to those backed by financing assets and non-listed equity assets, according to draft rules posted on the website of China Insurance Regulatory Commission [CIRC]. Collective trusts backed by fixed-income …

FSB Examines ‘Too Big to Fail’ Insurers; CIRC Expands Insurers’ Investments

The Financial Stability Board said an extended version of its guidance on the resolution of systemically important banks will apply to non-bank financial institutions, such as Allianz SE and other large insurers. The Basel, Switzerland-based body set up by the …

China Insurance Watchdog Warns Sector of Cash Crunch, Low Returns

Some Chinese insurers may face a cash crunch this year as many policies mature, and as the sector faces sliding investment returns and rising costs, the China Insurance Regulatory Commission (CIRC) said. Insurance companies need to broaden their investment channels …

China Regulator Seeks Information on HSBC-Ping An Deal

China’s insurance regulator is seeking more information from Ping An Insurance after reviewing HSBC’s planned sale of its $9.4 billion stake in China’s No.2 insurer to Thailand’s CP Group. The request comes amid concerns about the deal’s funding triggered by …