China insurance watchdog targets solvency
The China Insurance Regulatory Commission (CIRC) this year plans to focus more on monitoring the solvency of Chinese insurance companies and work towards establishing a framework for insurers to diversify their investments into equities and infrastructure projects.
CIRC chairman Wu Dingfu told an industry conference insolvent insurers would be required to increase their capital and restrict salary payments to management and dividends to shareholders, among other remedial measures.
“The next step
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