People’s Republic of China: Financial Sector Assessment Program- Detailed Assessment of Observance of the Insurance Core Principles

December 26, 2017

Preview Citation

Format: Chicago

People’s Republic of China: Financial Sector Assessment Program- Detailed Assessment of Observance of the Insurance Core Principles, (USA: International Monetary Fund, 2017) accessed September 18, 2024

Summary

This paper presents an assessment of the level of observance of the Insurance Core Principles (ICPs) in China. Overall, the Chinese regulatory system is assessed to have a good level of compliance with the ICPs. The regulatory framework includes, in addition to the solvency standards, extensive requirements on corporate governance, risk management and internal controls as well as on reinsurance, disclosure and conduct of business. All these requirements are applied appropriately to the significant number of large insurance groups, which together account for the bulk of premium income. However, there is scope for further development of crisis preparedness and market conduct work.

Subject: Corporate governance, Economic sectors, Financial institutions, Financial regulation and supervision, Financial sector policy and analysis, Insurance, Insurance companies, Insurance supervision, Solvency

Keywords: Asia and Pacific, Casualty insurance, CIRC approval, Controls insurer, Corporate governance, Corporate governance, CR, Global, Holding company, Insurance, Insurance companies, Insurance companies, Insurance company staff handling complaint, Insurance coverage, Insurance supervision, ISCR, Life insurance, Life insurer, Risk management, Solvency, Solvency requirement, State council, State-owned company

Publication Details

Pages:

98
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/402
Stock No:

1CHNEA2017005
ISBN:

9781484335154
ISSN:

1934-7685

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