China’s National Financial Regulatory Administration on Saturday issued guidelines for insurance groups to manage “concentration risks,” asking insurers to hold sufficient capital and liquidity buffers.
The guidelines asked insurers to formulate a concentration risk management strategy and mitigation mechanisms and hold the board of directors of an insurance group company responsible for concentration risk management.
Companies should establish a concentration risk information disclosure mechanism and disclose annual concentration risk management information on their websites before June 15 each year, the regulator said.
The disclosure should include the concentration risk management organizational system, management strategies and their implementation, risk status, and major concentration risk events, it said.
(Reporting by Mei Mei Chu and Tang Ziyi; editing by Mark Potter)
Was this article valuable?
Here are more articles you may enjoy.
Florida House Gives Final Approval to Much-Debated Citizens Clearinghouse Bill 
Indiana Church Not Owed Replacement-Cost Payment for Fire Damage 
Georgia Appeals Court Reverses $345M Judgment Against Insurers in School Sex Abuse 
CRC Group CEO on Casualty: ‘It’s More About the Coverage’ Than Price 
