China News

Vice Chair of State-Owned People’s Insurance Group of China in Corruption Probe

The vice chairman of state-owned People’s Insurance Group of China is being investigated for alleged discipline violations, the ruling Communist Party’s anti-corruption watchdog said on Thursday, employing the usual euphemism for corruption. Wang Yincheng is the latest senior official of …

China Regulator Puts Brakes on Insurers’ 3-Year, $100-Billion Buying Spree

A regulatory clampdown on speculation by insurers and new limits on outbound capital flows are causing one of China’s most acquisitive industries to hit the brakes. Chinese insurers, after announcing almost $100 billion of deals over the past three years, …

China Regulator Urges Insurers to Avoid ‘Reckless’ Offshore Investments: Report

A senior Chinese insurance regulator warned against the industry’s reckless overseas investment, saying some insurers behaved recklessly when it came to offshore acquisitions, the official Securities Times reported on Thursday. Chen Wenhui, vice chairman of the China Insurance Regulatory Commission …

China Plans to Lower Restrictions on Foreign Investment in Financial Services

China’s cabinet issued measures on Tuesday to further open the world’s second-largest economy to foreign investment, including easing limits on investment in banks and other financial institutions. China will lower restrictions on foreign investment in banking, securities, investment management, futures, …

China in Midst of Insurtech Boom: Opinion

While China’s fintech boom continues unabated, another fast-growing phenomenon has gone almost unnoticed — so-called insurtech, the latest industry to be spawned by the intersection of online finance and the world’s biggest army of internet shoppers. Even as Chinese regulators …

China Regulator Proposes Insurer Ownership Limits to Curb Risky Investments

Proposed ownership limits at Chinese insurance companies could effectively stop conglomerates such as China Evergrande Group and Baoneng Group from using their insurance units to help fund acquisitions and riskier investments. The draft China Insurance Regulatory Commission’s (CIRC) proposals, unveiled …

Israeli Government Opposes Sale of Insurers to Chinese Investors: Source

Israel’s Finance Ministry opposes the sale of insurance companies to Chinese investors because it’s hesitant to put pension money in their hands, a senior government official said, a stance that could bode ill for Fujian Yango Group Co.’s bid to …

China Unveils Plans to Allow More Foreign Financial Services Investments

China unveiled plans on Friday to allow more foreign investment in banking, insurance, securities and credit-rating firms, as part of a wider opening up of the world’s second-largest economy. The moves could ease some frustration among foreign firms over their …

China’s Insurers Have Major Risk Management Deficiencies, Warns Regulator

Chinese insurance firms have significant risk management deficiencies, as they overly focus on asset management for profits and growth, a senior official at China’s insurance watchdog said on Saturday. Vice chairman Chen Wenhui of the China Insurance Regulatory Commission (CIRC) …

Chinese Insurers May Hike Overseas Investments by $100B over 3 Years: BNP Paribas

Chinese insurers may boost outbound investment by about $100 billion over the next three years, as they seek to diversify risks through buying more overseas securities, private equity and real estate, BNP Paribas said on Thursday, citing a survey. This …