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China moves to tighten supervision of insurance license

By Song Hongmei (chinadaily.com.cn)
Updated: 2006-12-11 14:30

Related publication: Related readings: Shanghaitightens general insurance evasion supervision Public supervision vital for social security fund control

T heChina Insurance Regulatory Commission(CIRC) has drafted detailed plans to strengthen the supervision of insurance licenses as part of its efforts to control risks while expanding insurance investment channels.

CIRC released draft rules on its website last week for public consultation that stipulate insurance institutions will be coded on a permanent basis.

China will adopt the practice of grade management with regard to insurance licenses. Insurance institutions are required to display their business licenses in their sales office or face a fine of 5,000 to 30,000 yuan (US$638-US$3828).

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The full text is available in the December Issue ofChina Insurance.