China tightens regulation on insurance company ownership structure
[BEIJING] China's insurance regulator said on Thursday it has tightened regulations on insurance companies'ownership structure to prevent risk.
The upper limit of a single shareholder's stake in an insurance company will be lowered to one-third, from 51 per cent presently, to prevent any improper transfer of benefits, the China Insurance Regulatory Commission (Circ) said in a draft document released on its website.
Circ also said its draft rules will forbid insurers to use wealth management funds to invest in themselves.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Abu Dhabi’s IHC to buy back up to US$1.4 billion of its shares
Dubai’s financial centre expects ‘busiest year’ as firms rush in
Israel strikes Gaza city of Rafah after evacuation order
Britain's King Charles III marks first anniversary of coronation
German deficit forecast at 1.75% in 2024, says stability council
SNP veteran John Swinney set to be Scotland’s next leader