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

International Monetary Fund

No 2017/402, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; risk management; holding company; life insurance; life insurer; solvency requirement; corporate governance; state council; state-owned company; insurance companies; CIRC approval; casualty insurance; insurance coverage; controls insurer; insurance company staff handling complaint; Insurance companies; Insurance; Solvency; Corporate governance; Insurance supervision; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 98
Date: 2017-12-26
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