Caixin
Jun 20, 2022 08:59 PM
FINANCE

China’s Insurance Watchdog Demands Vigilance Against Corrupt Related-Party Deals

The headquarters of the China Banking and Insurance Regulatory Commission in Beijing. Photo: VCG
The headquarters of the China Banking and Insurance Regulatory Commission in Beijing. Photo: VCG

China’s top insurance regulator has stepped up efforts to prevent insurers’ shareholders from embezzling funds, after a series of scandals revealed risks to the broader financial system.

The China Banking and Insurance Regulatory Commission (CBIRC) released a notice earlier this month that reiterated the importance of curbing illegal related-party transactions in the insurance industry — transactions between an insurer and its shareholders or any other affiliated parties.

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