Dec 01, 2021 04:53 AM

China Revises Insurance Group Regulations to Curb Disorderly Expansion

Regulator tells insurance groups to focus on core business.
Regulator tells insurance groups to focus on core business.

China’s insurance group companies will be required to have a clear equity structure and a reasonable level of equity ownership in subsidiaries, focusing on their core insurance business, according to revised regulations issued Tuesday by China’s banking and insurance regulatory commission.

The revision is part of a series of new rules to improve corporate governance in the insurance industry and curb disorderly expansion after a string of high-profile scandals and debt-fueled expansions that posed risks to the country’s financial system.

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