Date
19 September 2017

CIRC to clean up insurance broker market, paper says

The China Insurance Regulatory Commission will launch a year-long review of the insurance intermediaries market in a bid to clean up the sector, the Shanghai Securities News reported Thursday, citing an unnamed source.

The move comes amid rampant irregularities among insurance brokers, such as fraud and unfair competition, which reflect weak internal control in companies in the sector, according to the newspaper.

The insurance regulator will unveil reform measures before end-March of 2015 after the review, the report said.

In particular, the CIRC will study ways to improve entrance and exit mechanisms for the sector, it added.

– Contact HKEJ at [email protected]

KZ/AC/CG

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