BEIJING May 7 The China Insurance Regulatory
Commission said on Sunday that regulatory holes should be
plugged and supervision stepped up to the overcome shortcomings
in the system.
A sound regulatory system for companies should be
established and supervision strengthened over the shareholder
ownership structure and the authenticity of their funds, the
The statement comes amid a widespread regulatory crackdown
on what is seen as the excessive use of universal life products
by some insurers, and as China's central leadership moves to
curb risk in the financial system.
The regulator vowed last month to improve its conduct and
bring the market back to order after its chairman was placed
under investigation and removed from his post for "serious
disciplinary violations", a euphemism for
(Reporting by Ben Blanchard and Stella Qiu; Editing by Nick